We all know the adage: If you fail to plan, plan to fail. But how do you plan for every possibility in life?
It could be a job loss, wildfire or natural disaster, or even an accident that leaves you unable to work for a long time. How do you prepare?
You may not be a financial advisor, but you don’t have to be. Starting and keeping a rainy day or emergency fund can help. It will allow you to concentrate on the matter at hand, rather than worrying about how you will pay your bills.
First Save, Then Contact Our Financial Advisor
An article from the Oakland Press says that 47% of Americans would have difficulty coming up with $400 for an emergency without using credit cards. Too many are living paycheck-to-paycheck.
If that is your situation, saving anything may seem impossible. But you really can do it.
- Even putting away $25 a week will add up
Save surprise money
- Tax refund
- Bonus from work
- Unexpected windfall
Don’t spend it…Put that money away!
Make it off limits
- Set up a separate account for your emergency fund
- Don’t get an ATM card to avoid the temptation to spend.
This short video has great tips to help you set up and maintain an emergency fund.
Now that you are saving money, it’s a good idea to get help planning for the future.
Kevin Paro can help with your overall financial plan and you can give him a call at (860) 479-3883 or send him an email.
Having an emergency fund with a knowledgeable financial advisor does more than prepare you for the unexpected, it prepares you for the future you want.