However, these days, certain events can come on unexpectedly and ruin your finances if you don’t have a little money saved away. Consider the following five things that can ruin your finances if you don’t have the money to bounce back quickly.
Medical Emergency
Accidents happen, and you may have to go to the emergency room if something serious happens, like a collapsed lung or a broken leg. You may even have to stay in the hospital for a few days to recover. Once you get treatment and leave the hospital, your bills will start showing up. Even if you have good insurance, a week-long hospital stay will cost you thousands of dollars. Don’t ignore your bills—call the hospital and set up a payment plan to pay the bills in installments.
Car Accident
If you are in a car accident and it’s your fault, your insurance company is going to penalize you by hiking up your monthly insurance premium. Don’t get behind on your payments, or you could quickly owe them thousands of dollars.
Bicycle Accident
What if you were hit by a car while on your bike? If the motorist was uninsured, you may have to foot the bills for medical treatment and bike repair. Act quickly to file an uninsured motorist claim at your own insurance company, or hire one of the bike accident lawyers at Groth Law Firm or from a firm in your area to help you seek damages.
Missing a Credit Card Payment
Sometimes small financial habits can lead to one big financial problem. If you constantly carry a balance on your credit cards, you may find yourself unable to pay bills because your debts are in collection. It’s easier to stay out of debt and be strapped financially than to get out of debt later. If you do have to skip a credit card payment once, bounce back quickly the next month to avoid problems.
Avoiding Your Credit Score
You may never think about your credit score, but that score affects your ability to get loans and low interest rates. If you have a low credit score, you will end up paying thousands of extra dollars on home and car loans. Keep track of your credit score and respond quickly when it gets low to save a lot of money in the future.
Anything can happen, so save money now to avoid financial ruin caused by unexpected emergencies. It’s better to save a little away every paycheck than go bankrupt.
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