Financially Planning for Emergencies
Living in Southwest Florida provides many luxuries, but it also means you should be prepared in case of emergencies including hurricanes. With the cost of living continuously going up, it can be difficult to save up for emergencies, but it’s something you should at least seriously consider.
Emergencies can, unfortunately, happen at any time. When it comes to financial emergencies, many people think of events like losing their job, needing major car repairs, or serious illnesses just to name a few. If you live in an area prone to natural disasters such as hurricanes, that also means being prepared financially.
One of the first things you can do is make sure you have adequate home insurance including flood insurance. When it comes to saving money, different financial experts will tell you different things regarding an emergency fund. Many say that you should have three to six months’ worth of living expenses saved up in case of a costly emergency.
That may sound good in theory, but many hard working Americans find themselves living paycheck-to-paycheck, and don’t have enough disposable income to put much away in savings. If you aren’t able to increase your income, you’ll need to find creative ways to lower your expenses.
Budgeting is a great way to keep track of the money you are spending and find areas to lower the amount of money being spent. While you might not be able to lower your car or mortgage payments, you might be able to find ways to spend less on groceries, clothing, or other similar types of purchases.
If you find that it’s quite difficult to build an emergency fund, the good news is that once you have a certain amount saved up, you can go back to spending frivolously should you so choose. If you do encounter an emergency and use this money, you’ll want to build it back up again. Try not to use your emergency fund for anything but an actual financial emergency.
You’ll also want to invest money into hurricane protection products for your home which could end up saving you in costly repairs down the line. Contact Storm Smart today at 239-274-2700.