How to be Financially Ready for the Unexpected

List: Posted: 12/10/10

The financially unexpected happens to people when they least expect it, which is why it's called "the financially unexpected!" We might get sick, we might lose our job, we might have a child we weren't planning, or we might just have transmission problems. While the financially unexpected might happen to you, that doesn't mean you can't be financially ready to face it head on.

In order to be financially ready for the unexpected, it helps if you can manage your money. Don't make frivolous purchases, and don't keep a lot of cash on hand because you're much more likely to spend it.

Being financially ready also means having three to six months worth of pay saved up. If you become sick and cannot work, spending less money now will help you save for the unexpected. If you can't save up that much money, then at least try to save by putting your money into a savings account. That way if there is an emergency such as a leaky roof or a flat tire, you'll be financially ready to tackle it.

Another big step towards being financially ready for an emergency means kissing your debt goodbye. You can't cope financially with an unexpected crisis if you have a mound of rising debt. Avoid opening new cards and work with your current credit card companies to get your debt repaid.

Being financially ready might not be easy, but it will most certainly come in handy when (not if) the unexpected happens to you. Good financial planning is incredibly important no matter who you are.

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The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of See Additional Information

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