It does not matter how careful we are when we are juggling our household finances. We can take all the care in the world preparing a meticulous budget but all it takes is some unforeseen expense to crop up out of nowhere to render the best laid plans effectively null and void.

If this should happen to you, don’t panic. You are certainly not alone and fortunately there are several things you can do if you are faced with needing to find cash in a hurry. Here are our top suggestions:

We are assuming for the purpose of this post that you do not have an emergency savings fund set aside to deal with these types of problem, and if that is indeed the case you should make this  a priority for the future. So anyway, on to those tips:

Use Your Credit Card

If you have a credit card with a reasonable spending limit then it ids a simple and convenient way to deal with any unforeseen expenses. However remember tat the interest payable on your credit card is likely to be in excess of 15% per annum, often considerably more. If you use your card for a emergency try your best to pay off the balance at the end of the month rather than paying the minimum amount. If you think you will struggle to do this it might be worth seeing if you can switch your card to one with a zero per cent transfer option.

Think About Extending Your Overdraft

If yo have an overdraft facility already in place at your bank and you are not up to the limit on it then you are in the lucky position whereby you can simply write a cheque for any unexpected expenses that crop up. If necessary you may need to speak to your bank about extending your limit. Again, as with credit cards, the interest rates on overdrafts can be daunting, so it makes sense to try to pay this down as soon as you can. If you have an overdraft balance that has been sitting at the same level for a while despite your best efforts to reduce it, it may be time to as our bank to convert it to a term loan, so that you can gradually see the balance being paid off.

Consider A Payday Loan

Now his may not be the most comfortable choice for a lot of people but there is no doubt that payday loans are quick and easy to apply for, with little of the formalities involved in other financial services products. The good news is that you could have the funds in your account in a matter of  just a few hours. The downside is, of course, the extraordinarily high interest charges, especially if you do not pay the loan back at the end of the term, ie  when you next get paid.

If you decide to go down this route make sure you choose a reliable reputable lender like Blue Sky Loans, because unfortunately there are a number of rogue lenders out there.

Try Your Local Credit Union

Credit Unions are becoming more and more common up and down the country partially in response to the economic crisis and the banks subsequent reluctance to lend. Your local Credit Union will be able to help with a well priced loan that should be sufficient to tide you over in the event of an emergency.