Skip to content
Home Decorators Coupon Now

Home Decorators Coupon Now

Planning for emergency financial situations

Elijah Birchell, November 23, 2023

Emergency financial situations can happen to anyone and any financial planning exercise is not worth without planning for such events. The entire idea of having an emergency fund is to provide a cushion against any unforeseen expense so that it doesn’t rip off the entire financial security and doesn’t adversely impact other necessary activities Tampa Project Management.

There are many situations which can cause a financial emergency like an accident,Planning for emergency financial situations Articles sudden illness, unexpected operations or medical emergencies, loss of a job, emergency house repairs, emergency car repairs etc.

The importance of having an emergency fund is visible when a person falls into one such situation and has to borrow on high interest rates, or break his regular savings, or has to compromise severely to get the required money.

It is not uncommon to find people who simply take out their credit card and swipe it for hard cash in an instant. Contrary to popular perceptions, credit cards are the worst way to fund any financial emergency. In a situation where you have taken a cash advance with your credit card to get the required money, the credit card company will charge you an upfront cash advance fee along with an interest rate of over 35 percent per annum! This is indeed a very costly way to borrow and arrange finances for emergency situations.

So, what is an ideal amount that should be kept aside as emergency money? There are varied opinions on it most experts agree that a minimum of three to six months worth of monthly income should be set aside for emergency purposes. This amount can vary according to lifestyle, marital status and the size of family one has to support.

These funds should be kept aside in an instrument, which is easily available when required. It could be hard cash, or in a bank account with ATM or Debit card facility, fixed deposits or liquid funds etc. so that they can be accessed almost instantly or within a short period as and when required.

Opinion

Post navigation

Previous post
Next post

Leave a Reply Cancel reply

You must be logged in to post a comment.

Archives

Categories

Recent Posts

  • LA Strippers: Empowerment, Artistry, and the Heart of the Nightlife Scene

  • 5 TIPS TO FINISH A UNIVERSITY CAREER

  • Buy Facebook Likes To Spread Your News To Millions Of People In A Quick!

  • The impressive architecture of Barcelona

  • Working with a Fearful Dog

  • Hair Extensions in San Diego the Best Products

  • Houston Dog Training for Apartment Living: Limited Space Solutions

  • What is a Natural Latex Mattress all about?

  • Qualities Of An Excellent Dog Trainer

  • Top 15 Photography Types That You Need to Know

  • Does Next sell other fashion brands in its stores?

  • The Importance of Right Maternity Clothing

  • What is Fire ? – Why Choose a Fire Pit?

  • American Pitbull Terrier Origins Revealed

  • Anti Aging Botox Treatment – Your Answer To Skin Aging

  • Victual Arrangements For Sale at Prime Stores

  • Finding Good Translation Services

  • Football Betting Tips for Beginners

  • Energy Efficiency Upgrades With Space Heating Systems

  • Online Slot Systems – A Game of Possibilities or Surety

  • Buy Silver

  • Eco Friendly Clothing Is A Must To Save Environment

  • Psychology – A Growing Visibility

  • Should you ever take a payday loan?

  • New Approaches Being Taken With Employee Training

  • Discover a Psychologist – Factors to Consider

  • One Holland Village is a new advancement

  • Lots Of Money Prizes at Mega Joker Slots

  • Original Gift Ideas For Every Single Celebration

  • Different Types of Lawn Mowers Explained

©2025 Home Decorators Coupon Now | WordPress Theme by SuperbThemes