Being Financially Prepared For the Unexpected
Surprise expenses are a normal, unsurprising part of life. More than a third of American households say they experienced one last year…but less than 40% could pay for it in cash! Are you prepared for when one hits?
We had our share of surprises last year. Our well needed a new pump, trees had to come down, cars needed repairs and a trip to the emergency room left us with some medical bills. Surprise expenses happen – the key is to be financially prepared when they do.
Solomon said, “Don’t boast about tomorrow, for you do not know what a day may bring.”
Be prepared so you don’t panic or fear a financial emergency!
If you don’t have an emergency account, immediately cut some expenses and begin automatic transfers to an account – or sell something and deposit the proceeds.
Do you carry adequate health, disability, home and life insurance? Can you increase income to pay a debt off quickly? Do you have available credit if absolutely necessary?
Discuss long-term care with your spouse. Many are unprepared for early onset Alzheimer’s or other debilitating diseases. Purchase a plan sooner rather than later.
And, talk about death. Update your will. Check beneficiary designations on life insurance plans, bank and credit union accounts, investments, and both names are on real estate and car titles. Both need access to all accounts. Keep a record of everything in a safe location.
Form a team: a trusted accountant, attorney, family members and friends who will assist you in an emergency. Passwords, codes, and locations of lockboxes and safes must be written and given to your spouse and other trusted individuals. Periodic meetings are important to update any information.
Our days are numbered, and we will have tribulations, but God is with us and we need not fear!
If you have questions – or need prayer and encouragement – call us at the Crown helpline 800-722-1976 or go online to crown.org