How to Cope With an Unplanned Expense When You're Unemployed

 Millions of Indians have lost their jobs in the wake of the coronavirus pandemic, and while living on unemployment benefits is stressful enough in its own right, it's even more problematic when unplanned expenses pop up, like your car breaking down or something going wrong with your home. If you're jobless and are facing a bill you can't put off, here are a few options for tackling it.

1.Tap your emergency fund- Unfortunately, not everyone has an emergency loan, or if you've been out of work for quite some time, you may have exhausted yours already. But if you do have some money in savings now's the time to use it. Though you may be inclined to hang onto that money for something else, there's no sense in borrowing when you have cash that's already yours. 

2. Negotiate- You never know when the person or entity you suddenly owe money to might be willing to work with you due to your jobless status. If you're suddenly facing a surprise bill, try to negotiate. If your car breaks down suddenly, for example, ask your mechanic to cut you a break on the repair, or to at least let you stretch out your payment over time. You never know how much leeway you'll get unless you speak up about the hardships you're facing.

3. Apply for a personal loan-When you need money in a pinch, a personal loan is often a good way to get it. A personal loan lets you borrow for any reason, and interest rates tend to be far more affordable than those charged by credit cards. This especially holds true when you have a good credit score. Furthermore, personal loans tend to close quickly, so you may have your money just days after you apply, letting you pay your sudden expense when you need to.

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