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Prepare for Financial Crisis

Be Ready When Needed

Many families today prepare for emergencies at home. Whether it is planning escape routes for a house fire or simply making sure there are flashlights and batteries to endure a power outage, providing for your family in times of emergency can be a lot less stressful when you are properly prepared. It is important to remember to plan for financial emergencies also. Sickness could prevent you from working as the medical bills begin to grow, or you could suddenly lose your job. With just a little preparation, these emergencies can be easily managed.

First, you should try to protect yourself against an interruption of cash flow such as unemployment. Try to save and maintain at least two months worth of expenses in a liquid bank account to provide some cushion while you seek new employment. Be sure to include your house or rent payment, car payment, insurance premiums, eating expenses, utilities and any child care expenses.

Next, spend some time analyzing your current expenses and identify non-essential costs which could be quickly eliminated in times of financial emergency. Do you really need that cell phone or can you do without cable TV for a while? Make sure you understand the policies regarding cancellation or temporary suspension of your accounts to insure avoiding fees or penalties. Investigate your options with your creditors- many are sympathetic to your dilemma and may be able to provide some temporary relief from bills until you recover from your emergency.

Finally, the best way to prepare for a financial emergency is to avoid it. Be sure that you are budgeting correctly and living within your means and you can eliminate self induced financial emergencies, leaving you better prepared to withstand an unforeseen crisis.

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