Speak with anyone who’s been in an emergency situation like a fire, flood or car accident and they’ll say the same thing “I never expected this to happen”! The biggest challenge with emergencies is not only are you dealing emotionally with the aftermath of the event, you are also dealing with it financially.
A large amount of the working population are waiting for their pay check to hit their bank account, only to spend every last penny. Only to have to wait for the next pay check to arrive. Unfortunately, when you live pay check to pay check ; you have not had a chance to build much in savings so when an emergency occurs you do not have the financial resources to cover it.
So the question is: how do you manage your money and plan for the unexpected? It can be answered in two words – Emergency Fund. (more…)
