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How To Find Money In An Emergency.

June 11, 2020 by  
Filed under Money/Business, Weekly Columns

( If something happened in your life, and you were unable to work, or you had a large bill to pay, what would you do? 

The problem with life is that you don’t really know what is around the next corner. Your problems right now may be eclipsed with problems at a later date. 

You could face all kinds of problems in your life. You might need to worry about redundancy, or you may need to pay a bail bonds company in the event of a legal problem. You or a member of your family may have medical issues that need addressing. 

For these reasons, it is essential that you do everything that you can to save money when times are good, just so that you’ll have something to fall back on during difficult times

Here’s how you can save for an emergency. 

How Much Should I Save For an Emergency? 

A good rule of thumb when saving up for an emergency is that you should aim to have at least three months of income set aside. In the event that anything happens to your job, you will be covered for three months while you look for a new one.

If you need medical assistance and are unable to work, you will be covered while you’re off sick. And, if you face legal issues, this too will help. 

If You’re Short On Money, Save Little And Often

One of the problems with saving money is that you might not have very much that you can save. You may find that the best approach for you might be to save little and often. 

By saving just $3 each day, you will be able to save over $1,000 each year. Assuming you never need to dip into this emergency fund, it will continue to grow at that rate forever. 

If you get into the habit of putting $3 aside each day, you will be surprised at how quickly you’ll be able to build up a comfortable fund. 

Of course, if you are able to save more, then you should do so. 

Other Ways Of Finding Cash In An Emergency

If you hit an emergency before you have managed to save up enough money, then you may wonder what you can do. 

Firstly, you should make sure that you have the appropriate level of healthcare insurance so that your medical bills are covered. Having the right car insurance will also help in the event of an accident. 

In an emergency, you could take out a loan. It is important that you check the interest rate, as many companies that are quick to approve anyone will have loans with very high-interest rates. Often, these rates are so high, it can be very difficult to clear the debt once you have taken it out. Be sure and lend any money from a reputable lender and ensure that you have the means to repay the loan in full in monthly instalments. 

Staff Writer; Carla Jackson

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