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Two Smart Financial Moves For Unexpected Expenses

Two Smart Financial Moves For Unexpected Expenses

When Business Insider created a list of “surprise expenses” that frequently pop up in people’s lives, it included many things you’ve probably experienced: Sudden car problems, medical expenses, an invitation to a wedding or baby shower (which means buying a gift and sometimes travel costs) and emergency home repairs. 

But many of us don’t have extra savings available to cover these costs. 

A poll released by Bankrate in early 2020 found that nearly 40% of Americans would need to borrow money to cover an unexpected $1,000 expense. Federal Reserve research in 2018 found similar data: 27% of those they surveyed would need to borrow money or sell something to cover an unexpected $400 expense. 

And all of that was before the pandemic disrupted many people’s income and family budgets.  

Unexpected expenses can pop up any time. But while you may not be able to see them coming, you can have a plan in place for when these budget-busting costs appear. 

Get help growing a rainy-day fund

By working with 1st Franklin’s Investment Center, you can grow as little as $25 into a savings nest egg over time. The interest on the money you’ve put in grows daily. And with our Senior Demand Notes savings path, your money is available anytime, without penalties for taking it out. So you’ll rest easy knowing you’ll be able to withdraw the money any time an emergency pops up.

One of our team members can walk you through all of the possible options for savings and investment, so you’ll know exactly how your savings plan can work. And we’re happy to keep on answering your questions as your savings grow.

Learn about personal loans at a fixed rate

When life surprises you (and not in a fun way), our loan team is here to help. 

A 1st Franklin Financial personal loan can cover the transmission your car suddenly needs or take care of a medical bill so you can concentrate on getting well instead of worrying about the cost. 

A personal loan at a fixed rate is a much more practical choice than putting an unexpected bill on a high-interest credit card. With a personal loan from 1st Franklin, you’ll know exactly how much you’ll be paying each month with a clear payoff date. There are no surprises and no compounding interest. 

You can begin your personal loan application online, and then have a face-to-face conversation with your local 1st Franklin Financial associate to discuss all the details, and finish your application. 

Prepare for unexpected expenses

Before the unexpected happens, reach out and talk with our “Friendly Franklin Folks.” They’re happy to sit down to explain exactly how our personal loans and savings options work. 

In the perfect world, none of these unexpected expenses would ever pop up. But our world is, well… beautifully imperfect. So having a plan in place for those rainy days can make even the toughest situations feel a little bit brighter.