Life happens, even when you don’t expect it to.
Sometimes, these surprises are positive, like finding out you’re going to be a parent, or you have a friend who wants to go into business with you for something you’ve always wanted to do. But sometimes, life throws you a curveball and your home needs a major repair or your car needs its transmission replaced.
Even if you tried planning for everything, getting caught by surprise is unavoidable. After all, the only constant in life is change. But to pay for these surprises, you’ll need more than just your spare change. That’s where we can help.
It’s Hard to Budget for the Unexpected
We’re not shy about saying how much we love budgeting. It’s a great way to take control of your finances because it shows you what you spend your cash on every month. Sure, you might have an idea without a budget of what you spend on gas, but did you ever add up the cost of those coffee runs you take during the week? Once you figure out your spending, it’s a good idea to set up an emergency fund to have cash ready for anything that happens that you didn’t plan for, like a bad tire or broken water heater.
Setting up a rainy day fund will go a long way towards preventing small financial setbacks from forcing you to take on debt, but saving cash can take a long time, and some curveballs are too big to save for. Budgeting can make these surprises easier to manage, but what do you do if you spend all your savings and it’s still not enough?
Quick Cash Options
Curveballs and unexpected opportunities come up quickly, and you might not have time to refinance your home, apply for a bank loan, or other traditional financial options. What can you do if you need cash fast?
- Sell Stuff: Selling off things you don’t need is one way to get cash, but if you sell something quickly you’re less likely to sell it for the price that it’s really worth.
- Crowdfunding: Websites like Gofundme let you raise money from strangers. This is money you don’t have to pay back, but it’s also not guaranteed that you’ll get the money before you need it.
- Borrow from Friends & Family: Depending on what you need cash for, you might be able to borrow some of it from friends and family to cover expenses, often without having to worry about paying interest. But this means taking cash from people you know, cash they might need if they get their own curveballs.
- Get A Short-Term Loan: Getting approval for a bank loan can take months, but some lenders offer personal loans where you get the cash you need in just a few days. If you go this route, be sure to check what the interest rate is, and realize you may only have three to five years to pay it off.
- Put it on a Credit Card: If you’re trying to manage your money, putting something you can’t pay off right away on a credit card should be your last option. Credit cards let you get stuff fast, but they generally have higher interest rates than even personal loans do, though there is no hard limit on how long you have to pay them off.
There are other ways to get cash if you need it quickly, but they all have their own downsides to consider. If you’re getting regular payments from a structured settlement, however, you have another way to raise the money you need, fast.
You Can Sell Your Future Payments for Cash Now
Structured Settlements are the regular future payments you get from a large settlement after a lawsuit. This steady stream of cash might help you pay the bills normally, but if you’re dealing with a huge bill, these small payments feel like a few drops from a glass when you’re really thirsty. It doesn’t have to be this way.
J.G. Wentworth will give you a lump sum of cash for these future payments. You can choose how much you want to sell, from every payment, to only a portion taken from each payment. In exchange, you’ll get cold, hard cash you can spend the way you want to.
Potential Benefits of Selling Payments
If you sell your structured settlement payments, you don’t owe anyone anything. You don’t have to borrow from friends and family, beg strangers, or take out a loan. The cash you’re spending is yours, the only thing you changed is when you chose to receive it.
If you choose to do this, we recommend going over your options with your financial planner, since you’ll have to adjust your future budget to make up for the payments you sold. If you need cash, however, selling your payments allows you to get what you need without going into debt.
Don’t Let Curveballs Keep You Down
If you need cash now, we’re here to help give you options. Contact us today if you still have questions or to get your free, no-obligation quote. Don’t let the unexpected throw you off your plan to build a sound financial future for yourself. Before going into debt, give us a call.
This blog post is intended for informational purposes only. J.G. Wentworth does not provide financial, legal, or tax advice. Please contact an appropriate advisor for such services.
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