You’re in the middle of a busy day, rushing around and mentally checking things off of your to-do list when the phone rings. It’s one of those calls you think will never happen to you, a call that makes you sit down in the nearest chair; a call that puts your stomach in knots.
Maybe a family member just received some bad news from the doctor, or your spouse was laid off, or faulty wiring caused your house to catch fire. Whatever the news is, it wasn’t what you expected to tackle today and you’re starting to feel the stress pile on.
Although there’s no way to completely avoid unexpected situations, you can avoid being utterly overwhelmed by doing a bit of basic emergency preparation before one of those dreaded calls comes.
Preventing a Financial Meltdown
One of the most stressful parts of a family emergency is the financial burden it can bring. Dealing with the emotional implications of an emergency is trying enough without having to worry about how to pay for a hospital stay or buy groceries.
The best way to avoid a financial meltdown in an unexpected situation is to have an emergency fund on hand. Expert opinions vary, but the standard recommendation is to have at least 3-6 months’ worth of living expenses in your emergency fund. This includes rent or mortgage payment, care payment, utilities, food, petrol and any other regularly occurring expenses. Having an emergency fund can help you make it through a rough patch without having to make any drastic changes like selling your car.
Even with a healthy emergency fund, it’s good to have a plan for what to do in case you wipe out your emergency fund before the situation has resolved. Sometimes you just need a bit of cash to get you to the end of the month or until your insurance company can reimburse you for a big expense.
The two easiest ways to access funds quickly and temporarily are with quick cash loans and low-interest emergency credit cards. Thanks to new regulations, quick cash loans are now a safe and easy way to borrow money for just a short period of time. Emergency credit cards are another good way to cover your expenses in the short term, especially if you need a larger sum of money. It’s important to note though that the best time to research safe and quality cash loans and low-interest credit cards is before an emergency strikes, when you can take your time and use good judgment.
Tackling the Paperwork
Unfortunately, many people don’t think much about insurance until they really need it, at which point it’s usually too late. Don’t allow yourself to fall into this category! Getting insurance ahead of time not only gives you one less thing to think about in the midst of a crisis, it can significantly reduce the financial impact of the emergency.
Insurance coverage and rates vary widely so, like with your financial situation, do your research and take your time to ensure that you’re getting a good deal and will have the coverage that you need.
Once you have health, home, car, and life insurance you’re well on your way but not quite finished! Like most things that involve paperwork, filing insurance claims and using your coverage can be a complicated and tedious process. Read through your forms and speak to your insurance agents to learn what the processes are so that you know exactly what to do during crunch time.
Now that you have an emergency fund, know how to access extra cash quickly, and have adequate insurance; make sure that it’s easy for everyone in your family to take advantage of all of these preparations. The easiest way to do this is to store all of the paperwork associated with emergencies in one organized location. Then, set an annual date to review and update it all to make sure you have the most recent version of everything and that all contact information is up to date.
Taking all of these steps won’t prevent an emergency from happening, but they will help you remain calm and confident so that you can be a source of strength and comfort for your loved ones.
William Bancs is a writer who understands that in the case of an emergency, not everyone is always prepared financially. Therefore he suggests that if you need a little help in such a situation, then applying for Quick cash loans might just keep you afloat and make things easier to deal with.