Did you know that six out of ten households face some kind of unexpected financial emergency each year?
Clearly, you can never be too prepared for an emergency — especially when it comes to your finances.
This video goes over four ways you can start preparing for a financial emergency:
- Establish an emergency fund
- Safeguard critical documents
- Consult with a financial counselor or coach
- Review your insurance coverage
Although these steps can help you get started with financial emergency preparation, you should also take your personal financial and life situation into account and do what is best for you.
Overall, getting your financial situation in order can take time, but it will prove to be worthwhile when you or a family member is faced with a financially taxing emergency.
For more financial tips, check out these article for answers to common personal finance questions: