Surviving a Personal Money Crisis

What do you consider a money crisis and how would you respond?

I wish I could tell you that you will never have problems . I wish I could guarantee a life of plenty in terms of provision and material wealth. However, I can make no promises. I can only tell you that you will have problems and areas of urgent need.

Several years ago, my husband needed immediate surgery on his hip, my air conditioning unit on my house died and I needed to fly 2000 miles to be with my mom who was suddenly and unexpectedly on her death bed all within one day. Money was required and it needed to be quick and available. I had a fund of money reserved for emergencies and I felt use of it was detrimental to my family’s health and well being. I was relieved that I had the funds to cover three urgent emergencies.

I know one woman who is seeking funds for a life sustaining surgery that her insurance will not cover. I read too many tragic stories on “ Go Fund Me” accounts of people who have greater needs than what they can financially afford and

they are left to rely on the kindness of strangers. I do not minimize the severity of emergencies and I make efforts to prepare for them ahead of time.

So how do we prepare? Have money set aside for emergencies. Start with $1000 and work towards increasing this fund to three to six months of income. Be aware and be alert. You need to avoid going into debt. It is difficult to juggle saving for emergency expenses and paying enormous debts simultaneously. I can say that setting aside aside an emergency fund has helped me become more responsible in budgeting. I can easily distinguish between my wants and my needs and preparing for emergencies is more of a priority. For more tips on money management please reach out to me at www.peacefullifefinancial.com. Karen Skelton Money Coach