Should I List All My Finances In Case I Die Personal Finance Tips – Prepare For Financial Emergencies

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Personal Finance Tips – Prepare For Financial Emergencies

Preparing for a financial emergency is often difficult. Most people just don’t think about what could be because they live day to day just to make it. Having a contingency plan, though, will help prevent problems should something happen. An emergency situation can cause a big problem when you don’t have the finances to handle it.

Few of us think about what would happen if we lost our job or suddenly became too ill to work. This idea is too scary to contemplate in many cases, especially if we are living paycheck to paycheck with work.

The fact is, though, that financial emergencies happen to almost everyone at some point and they can have a devastating effect on your credit. In fact, most people who declare bankruptcy do so because of a major financial disaster such as sudden unemployment, large medical bills, a lawsuit, or divorce. Despite this, few people plan for these problems, even though they can happen to anyone.

If you want to keep your credit score in good trim, you must know what to do in an emergency. Developing a realistic written plan can help you take action to save your credit in the event of an emergency. Some items you should have in your financial emergency plan may include:

1) A list of all the assets you can liquidate if you take them.

2) A list of all the extras or luxuries you could cut from your life immediately if there was a problem (eg newspaper subscriptions, cable television, water delivery service, Friday nights at the movies).

3) List any resources you have that can help you in an emergency. Perhaps you know a lawyer who works in the financial aspects of law. Maybe you have insurance that can help you. Maybe your employer offers a severance package. Anyway, write. Keeping a list of these resources will make them easier to access in an emergency.

4) Other ways you can earn money – jobs you can take, things you can rent out to others.

The bottom line is to plan. You need something in place so that when disaster strikes you can handle it without going into a financial crisis. You’ll have enough stress worrying about an emergency that finances don’t need to drag you down.

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