10 Ways to Pay for Unplanned Expenses

Sometimes, no matter how well we plan, surprise bills just pop up out of nowhere. Here are a few options for tackling those unanticipated yet unavoidable bills.

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If you have money in savings for a rainy day, now's the time to use it. You shouldn't feel guilty for raiding your emergency fund if an unexpected bill arises you couldn't have known about. Just do your best to replenish the sum you remove from savings when you can.

Cashing out a CD early will cost you a few months of interest. But if you need the money, you're better off going that route than racking up debt that could end up costing you a lot more than a few months of lost interest payments from your bank.

A personal loan lets you borrow money for any purpose, and it's a good option if you need money in a pinch. If you have strong credit, you're likely to qualify for a competitive rate on your loan.

If the expense you're faced with is modest and you think you can pay it off somewhat quickly, then a 0% interest credit card could be a good solution for covering it. But be careful -- if you don't knock out your balance by the time your introductory period ends, you could be on the hook for serious interest.

If you own a home you have a lot of equity in, you can look into borrowing against it. The interest you'll pay on a home equity loan could be far less than what a personal loan will charge you.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

A home equity line of credit, or HELOC, is similar to a home equity loan, only instead of borrowing a lump sum, you'll get access to a line of credit you can draw from as needed. A HELOC is a smart bet if you're not exactly sure what your unplanned expense will cost you. For example, if you need surgery, you may not have a handle on how much money you'll need to cover copays, deductibles, and time off of work, so a HELOC gives you more flexibility.

A cash-out refinance lets you borrow more than your existing mortgage balance and use the remainder as you need. Since mortgage refinance rates are pretty competitive, a cash-out refinance could be an affordable way to borrow.

If you're faced with an unplanned bill and don't have money in the bank for it, you may not need to borrow at all. Instead, you can try taking inventory at home and selling off items you no longer use, whether it's furniture, electronics, or even clothing.

If your unplanned expense is one you don't need to pay for right away, then a second job could be your solution for covering it. You can sign up to drive for a rideshare company, pet-sit, or do anything else you think will be lucrative.

If you have a trusted friend or loved one who's financially comfortable, you may want to ask that person for a loan to cover your unplanned bill. That person may agree to lend you that money at no interest, or at a very low rate, making it a more affordable (albeit slightly more awkward) borrowing option.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

You can maintain your home and car to avoid problems, and take care of your health to avoid medical issues. But despite your best efforts, you may still find yourself with some type of unanticipated expense on your hands. It's a good idea to run through different options for paying unplanned bills so you make a tough situation a little easier on yourself.