Emergency Quick Cash Tips

By Maya Archer

At least once in every person’s life comes a time when the need is great and the resources are few. It can be hard enough to make ends meet on a decent wage, but, when the times get tough and the money just is not there to meet the need, a person can easily despair. If you are forever trying to come up with inventive ways to earn and save more then this article will absolutely thrill you. When a person can have good financial control and a good plan of action. Should emergency funds be needed, a person can then sleep better at night. There is no real magic formula for coming up with on-the-spot emergency cash. There is a good deal of thinking through and the putting of a good plan into action. If you can do that, you have it made. That is truly all that any one of us can do to secure out tomorrows.

• Language: English
• Publisher: XinXii
• Release date: May 31, 2014
• ISBN: 9781304924933

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Emergency Quick Cash Tips

© 2014 by Maya Archer

E-Book Distribution: XinXii

http://www.xinxii.com

All Rights Reserved. No part of this publication may be reproduced in any form or by any means, including scanning, photocopying, or otherwise without prior written permission of the copyright holder.

Does Everyone Need an Emergency Fund?

The primary purpose of an emergency fund is to have cash on hand to cover expenses if you lose your job or business—or have unexpected expenses (like having to recover from a hurricane!).

Without some amount of cash to tap, a financial crisis may force you to take out high-interest loans or to use expensive credit cards. Having a financial emergency is bad enough—but going into debt for one could double or triple the cost.

That’s why I recommend that everyone accumulate a minimum of 3 to 6 months’ worth of living expenses in an FDIC-insured savings account. That amount is a ballpark estimate. You could need a little less or substantially more, depending on factors such as your job stability, debt load, and family needs.

Jim has enough retirement income to cover his monthly expenses right now; however, here are 3 additional reasons why retirees should also have ample cash reserves to stay financially healthy:

Inflation: If the prices of goods and services go up, but your income stays flat, you’ll feel the squeeze. It’s likely that Jim’s pension payments are adjusted annually for inflation—but many corporate pension payments are not.

Social Security does provide a cost of living adjustment (COLA) in some years, but those increases may not completely offset your actual expenses. Having emergency money to fall back on helps you pay critical expenses—such as food and medicine—if they escalate more than expected.

Market volatility: If the purchasing power of Jim’s retirement income