Loans to face an unforeseen



Facing an unforeseen represents expenses that will disrupt you financially, since it can be presented at the least appropriate time for your pocket, are you ready? We share solutions.

However cautious you are, you are not exempt from an accident getting sick or losing your job. INEGI data indicates that in our country there are just over 27 million homes made up of 4 members on average, of which only 1.8 people are economically active, that is, they contribute to the livelihood of the household.

This means that if an active member dies or falls untimely, the average household income can be affected by up to 56%, which will undoubtedly bring many problems to cover the expenses and debts acquired.

 

Financial mishaps or unforeseen events are generally not contemplated in the budget

financial loan

So they can generate subsequent financial debts or commitments. The most frequent causes of these expenses are: accidents and illnesses, damages or breakdowns of goods such as the car, appliances or those related to the home, and the loss of income.

Most Mexicans do not have health insurance because a proportion of the population has access to the public social security system, but it is not taken into account that there are extra expenses in addition to hospitalization.

To face the unexpected, you can protect yourself with the creation of an emergency fund, this is the establishment of a savings goal in the event of unforeseen events.

Although there is no general consensus on the amount that your fund should make up, the experts’ recommendation is that you cover three to six months of your expenses. But the final amount is defined by you, and what you need according to your family situation, the idea is that it is enough to make you feel calm that if an unforeseen event occurs you could cover the expenses that this implies and also your daily expenses.

 

Consider a line of credit

credit line

Since you have savings, you can feel confident in requesting or accepting any credit offered. Since you will have the support of your savings to face any unforeseen.

If you have an unforeseen already with savings, it will be easier to apply for a loan to complete and pay for the eventuality, and not have to over-borrow and compromise your total income.

When an emergency arises, try to replenish what you spend as soon as possible. Learn to distinguish between what is an emergency and what is not. If you use the fund as your petty cash every time you fail to finish the fortnight, you will never reach your goal.