Emergency funds are helpful for minimising the financial blow of a disaster. It can also help to have a survival plan in place in case a money emergency arises.
Photo by Maria Morri
Over at MoneyNing, writer Ashley Eneriz explains that a “survival mode plan” makes it easy to know what to do in case of a financial emergency, like an unexpected job loss. If the time comes, you can implement the plan and better stand on your feet for the duration of the emergency.
Your survival mode plan might be as simple as creating a emergency budget. Or, you might take it a step further and decide what you’d do about big expenses, like housing, should an emergency arise. You may never have to use this plan, but having it in place can keep you from having to make stress-based decisions in a time of crisis.
For more detail, be sure to check out the full post.
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