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Saving Tips:
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-Cut Grocery Store Costs
-Avoid Wasting

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Are you prepared for a financial disaster? A financial disaster can be anything from an unanticipated medical bill, a loss of job and/or a death in the family. Below are some simple tips that will help prepare you for such an emergency.


Savings account
Develop enough money in savings so that at least two months worth of expenses are available in case of emergency. This money will help pay bills in case you get sick or lose your job. The following expenses should be considered when calculating how much to save:

 - Housing payments (mortgage or rent)
 - Car loans or leases
 - Utilities (electric, gas, water)
 - Phone bills (including cell phones)
 - Food
 - All insurances
 - Children school tuition

Saving money is simple. Putting a small amount from your checking or paycheck every month into a savings account will help accumulate funds quickly. Also, you'll earn interest on the money in your savings.

Credit cards
Having an emergency credit card, with a high limit, is always a good idea. A credit card is an affordable alternative to spending money from savings. Examples of such emergencies is booking a hotel, renting a car, making a long distance phone call from a payphone. Learn more about some great credit card offers.

Emergency documents
Always store extra copies of important documents in case your home is every damaged, your wallet is stolen, or you lose the originals. You should either keep the extra documents with a relative or better yet, in a safety deposit box. Examples of important documents to keep include:

 - Mortgage paperwork
 - Car loan and ownership information
 - Copies in insurance certificates
 - Medical records
 - Birth certificates
 - Legal documents and wills
 - Driver’s license and passport
 - Important phone numbers and contacts
 - Emergency money

Know all of your available options
It is crucial that you understand all of the resources, policies and options available to you in the even of an emergency. Thoroughly go over your insurance policies to know exactly what will be covered. In addition, find out what your employer’s policies are about taking time off and borrowing money from your 401(k). Know how much money you would receive if you were laid off from your job. Try and determine ways you can reduce your expenses or borrow money if needed.

You should contact your creditors immediately if you are in a financial situation that is not allowing you to pay your bills. Most lenders will allow you to skip and/or reduce your payments for small duration of time in case of an emergency.


Plan for future expenses
It is possible to predict a financial crisis. For example, you can estimate what it is going to cost to make repairs to your car every year. Also, calculate what you intend on spending on Christmas shopping this year.

Basically, go over all of your extra, non-essential spending for the year. Also, keep records of all of your current and past emergency financial obligations. Evaluation and planning ahead for extra expenses will help you avoid falling into a financial emergency.

In conclusion....
Financial preparedness can help you deal with monetary emergencies in the future. The information above should help you in your financial planning. If you have any questions, please contact us.




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Managing Money Info: Financial Strategies | Financial Emergencies | Money Issues | Allowances
Teaching Kids Credit | Saving Money | Savings/Investing Calculator | Trimming Expenditures
Cut Grocery Store Costs | Avoid Wasting | Why You Should Budget | Developing a Plan
Mistakes to Avoid | Money Spending Challenge | Checking Accounts Money

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