FOTR - Families on the RoadZion NP

How to Handle Sudden Financial Emergencies When You Are on the Road

Living on the road presents families with a very unique, and frankly, memorable lifestyle. You and your family will be able to experience various cities and towns first hand, and learn about different cultures, architecture, history, sites, and styles of living in an immersive and impactful way. At the same time, it can create some rather unique challenges that you may need to get creative in dealing with.

One issue that can pop up and really throw you for a loop is a sudden financial emergency while you're on the road. There's a strong chance that you are living on a strict and rather tight budget in order to make your travelling lifestyle possible, so needing to come up with cash on the fly can be difficult. Before you get too stressed about things, here are some tips that can help you deal with the financial emergency.

A Credit Card Can Come in Handy

While using credit cards on a regular daily basis isn't always a good idea, unless you can pay it off immediately, for emergency situations it can be your best plan. Just remember, whatever you charge to the card is going to carry a very high level of interest. With that in mind, you want to be sure you can pay it as fast as possible.

Consider a Quick Payday Loan

One other option is to look into quick payday style loans. These are loans that are meant to be paid back within a short time period, usually one to 12 months, and are for a relatively small amount of money. If you are currently leaning towards a MyJar loan, you may want to re-think your options. Where MyJar lacks is in flexibility since its only loan is a one-size fits all option. LoanPig is a MyJar loan alternative that can compete with MyJar in a number of ways, and also features the flexibility that MyJar is lacking. LoanPig offers 24/7 service, a 14-daycooling off period, and early repayments on top of its flexible approach.

Cut Any Unnecessary Spending

You'll also likely benefit from a cut to any unnecessary spending. If extra cash is a worry, then it's time to re-think that budget at least in the short-term.

Can You Make a Little Extra Money on the Road?

For many people who live a lifestyle on the road, they also have a job that can be done remotely. If that's the case,perhaps you can take extra hours or work in order to bring in that much-needed cash?

Create an Emergency Fund for "Next Time"

Once the financial emergency has been dealt with, rather than put it out of your mind until next time, it's wise to do a little planning. It's always a good idea to have an emergency fund ready and waiting for just such times. You can do this by putting money aside on a regular basis in order to grow your savings. Having this little cushion can alleviate a lot of stress and financial worry. Each of these tips will help you to deal with that unexpected and sudden financial emergency that pops up.