Before an emergency happens, it’s important to know where your money is going. Track your income and expenses using a budgeting app like Mint or YNAB or use a simple spreadsheet.
In the event of a financial emergency, focus on essential expenditures:
-
Housing and Utilities. Your top priority should be rent, mortgage, electricity, and water.
-
Food and Healthcare. Keep your family fed and maintain basic health insurance.
-
Minimum Debt Payments. Avoid late fees and damage to your credit score.
Don’t underestimate the value of insurance, as it can minimize medical expenses, cover home or auto repairs, and provide financial support if illness or injury prevents you from working.
Leave a Reply