Money is very central to most of our lives. For a lot of people, money is a daily priority. They spend they’re day going to jobs they don’t like just in order to make money. They spend their evenings worrying about money, and they dream of being financially free or secure at night. Money is their primary concern.
I, too, often have money concerns. Sometimes when I’m not enjoying work, I’ll just remember that I need to do this in order to earn money so I can continue to pay rent. Sometimes at night I’ll go over our budget and figure out where we’ve over spent and where we can save some more money. And yes, sometimes at night I dream of trips to Europe or buying a house as well.
However, money as a central concern can instantly disappear in the right circumstance. For example, if someone you love is hurt or injured, suddenly small concerns about not spending money eating out or working a couple extra hours overtime suddenly are no longer important. Here’s a few things to do before these emergencies come up so that you can be sure that when the situation arises, you’ll be ready.
If you don’t already have an emergency savings account hidden away somewhere, start one now. Not only will it save you if and when those emergencies happen, but it also gives you peace of mind regarding your finances right now. When you are out of sleep, are stressed and have nothing but wave after wave of emotion hitting you, then you’re not worried about the interest rate on your credit card. Having an emergency savings will allow you to simply ignore those financial implications and remove one more stress from you.
Keep Cash on Hand
Emergency situations don’t always have an ATM nearby. They also might not accept major credit cards. So keeping some cash on hand for those emergencies is definitely a good idea. For me, I can’t keep cash on me, because I’ll just spend it. What I’m planning on doing, but haven’t done yet, is get some cash and store it in a few key locations, either around the home or in the car, so that I’ll have access to a twenty dollar bill or two if and when I may need it. I don’t suggest keeping it in your car’s glove box or in any obvious location in your home, but you can stash a bill or two inside a book on your shelf, and you might consider taping a bill under the seat of your car. Just make sure you remember where you hid it.
Keep a Prepaid Cell Phone in Your Car
One of the things you might not consider during an emergency would be that when something goes wrong, you need to contact people. If you buy a prepaid cell phone ahead of time, and keep it in your car, you can make all those phone calls without worrying about racking up crazy cell phone or pay phone charges. I would probably do a $50 or $100 prepaid card for the phone. It’s a bit expensive, but it is a one time expenses that you should be able to absorb now. You don’t want to have to worry about phone charges when emergencies happen, and you definitely don’t want the pain of opening a phone bill 6 weeks down the road.
What do you feel when you’re in an emergency, are you concerned about the situation or the money? Have you ever gotten into financial trouble because of an emergency situation?