To the extent that you are able, establishing an emergency reserve for these situations is ideal. Consider starting with a goal of setting aside one thousand dollars. From there, you could save up to as much as 3-6 months of living expenses, to protect yourself if an emergency were to arise.
That set aside, these expenses usually come when we aren't anticipating them, and maybe aren't prepared for them. In that situation, you might be forced to use a credit card, or take out a personal loan.
Each option has its pros and cons. But some things to consider:
Before taking out a loan with a friend/family member, be mindful that this can put a strain on the relationship, which might make it worthwhile to seek an alternative.
Before putting an unforeseen expense on a 0% credit card, ascertain the terms of the card. Oftentimes, 0% is offered as a temporary sign-up perk, that later increases to a high rate.
Before taking out a personal loan, use any time you have to select the best provider with the most favorable terms.
Congratulations for your planning efforts.
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