It’s tough to get financial freedom in today’s fast-paced life. With mortgages, car notes and massive large amounts of credit card debt, most people struggle to cover all this expenses from month to month. With most people doing what they can just to pay their bills, few people are prepared for the unlikely event of a financial disaster that can come in many forms, such as a storm , a loss of job, or a sudden illness. But it isn’t all that difficult to make preparations that will help you in times of a money crisis. All it needs is a little of planning ahead of time.
Here are some points that can help you be prepared for the unexpected situation:
Get an ATM/Debit card – You may not regularly use cash or have a need for a debit card, but there are some circumstances where it may be necessary. If you don’t use one regularly, get one anyway and keep it in a safe place.
Sign up for direct deposit – With direct deposit, you will know that your paycheck will be in your bank account even if you cannot, for whatever reason, physically get to your bank. This will help you in the event of illness or natural disaster that may have your local bank temporarily closed.
Sign up for online bill paying – You can pay bills even if you aren’t at home via the Internet. You don’t have to use the service, but it may come in handy at a time when you least expect it.
Save some emergency cash – Financial experts recommend that you save at least three months’ worth of financial expenses. That’s difficult, but every little bit can help. Try to cut back on a few unnecessary items, such as that tall latte you buy every day. It adds up, and you never know when you may need to access that emergency cash.
A little bit of planning can go a long way when a financial emergency strikes. If you plan for it now, you will have fewer worries later.