Surviving a Money Maelstrom

Financial trials and storms will come. Read on for ways to prepare and overcome.

A financial maelstrom is an event that can cause a devastating blow to your finances if not managed or handled wisely. A maelstrom is any event that causes turmoil, chaos and confusion. A financial maelstrom is large expense. A money maelstrom shows up in the form of a health or house hold crisis that involves a lot of money to repair or treat. The maelstrom most often happens at a time that is inconvenient and unexpected.

Many people do not make wise decisions during times of crisis. Money will likely need to be transacted. It is a time to be cautious since many vendors may take advantage of your crisis as a means of them making excess profit. Wise people will weigh their options during a time of crisis. I have responded to financial maelstrom by contacting vendors I have a business relationship with that are reliable and reputable.

The best thing you can do to prepare for financial maelstroms is keeping an emergency savings account. I have six months of savings in my emergency savings account. It is available for unexpected emergencies and I have immediate access to the money. I also feel much less desperate when I know I have money in my emergency fund savings account.

I recently needed to access my emergency savings when my husband was involved in car accident and the insurance company refused to pay for damages incurred by another person. The issue was complicated and frustrating. I also had kitchen infested with German cockroaches and we needed a professional exterminator. I had skin surgery to remove cancer around the same time as the previous mentioned events. I had extra unplanned occurrences in addition to to my normal expenses. I did not stress for too long as I realized that I had the funds to cover the unplanned expenses.

If you do not have an emergency fund of at least one month of expenses, today is the best time to start one. There is no need for you to stay awake at night worrying about paying for an emergency when you have cash set aside. For more help in starting emergency savings account, reach out to me at www.peacefullifefinancial.com. Karen Skelton Money Coach