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Big thanks to S&S reader, Melanie, for contributing this post! Here are some tips on how to plan for the financial emergencies we all experience at one point or another.

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Emergency Planning For Sudden Financial Impacts

Life never goes as planned.

And that’s not a bad thing…it leaves us open to surprises. If everything went as planned, you would be bored to tears!

The price of a life of surprises is that they aren’t all happy surprises. Some of them suck.

Financial emergencies can be an inconvenient blip or a significant loss. It might be an injury or illness, damage to your property, or a job loss.

This is where you’ll need to make solid use of emergency financial planning. You may not know what the financial emergency will be exactly, but financial emergencies happen all the time to everyone. Get your emergency plan in order before you need it!

Build an Emergency Fund

An emergency fund is essential.

Tuck away some money in a savings account for emergencies only! It should be enough to cover your living expenses for 1-3 months.

This money can be used to repair your car when it breaks down without warning, help you get back on your feet if you lose your job, or help pay those expensive medical bills that insurance doesn’t cover.

Even if you can’t foresee a problem on the horizon, one will always show up! So prepare for the unexpected by building your emergency fund now.

Reliables

Keep reliable people around you, and don’t be afraid to ask for their help when you need it.

And of course you should be a reliable person in the lives of your friends and family.

They may or may not be able to help financially, but surely they’ll offer whatever support they can. Even emotional support can be critical to overcoming unexpected financial setbacks.

Know Your Lawyers

Having competent lawyers on hand can help you overcome financial emergencies caused by someone else. Litigate may not be a desirable solution, but it might be your only recourse to cover your losses in some cases.

If it comes to legal action, be sure to use experienced lawyers such as Sevey Donahue & Talcott https://www.seveydonahuetalcott.com/ who know the law and will take the time to learn every detail of your case.

Keeping family lawyers close at hand can also help you defend yourself against unwarranted claims of others. If you’re ever accused of a crime, you’ll be glad to have lawyers you trust.

With these simple tips, you’re sure to overcome any financial obstacle thrown at you!