You Have a Fire Plan – Do You Have a Financial Emergency Plan?

Do You Have a Financial Emergency Plan?Most buildings have a fire exit plan. If you suddenly heard a fire alarm, you would likely know what to do. Yet, even though financial crises can be just as sudden as a fire – and are far more common – few people have a financial emergency plan. If you suddenly found out that you were suddenly out of work or needed to take on a huge debt, would you know what to do? Having a financial emergency plan lets you stay calm and start focusing on solutions right away.

A good emergency plan starts with an emergency fund, so if you don’t have one, start setting money aside today. A good emergency plan also includes emergency avoidance. Many people experience financial crises and need cash advances or need to declare bankruptcy because their finances are already in a precarious state before a crisis takes place. If you are battling huge debt, lots of personal loans, no savings, and a bad credit score, any small crisis can precipitate a real emergency. The stronger your finances on a day-to-day basis, the easier it will be for you to weather any temporary problems.

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