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Emergency Financial Plan

By: Steve Johnson

6/3/2008 - 15 Comments

If everything goes wrong, what's your emergency financial plan?

The primary reason for having an emergency fund worth 3-6 months of your household income is to help out when an emergency financial need comes your way.  Like an unexpected medical bill or if you get laid off.

But, suppose you don’t have an emergency fund. What would you do if you suddenly ran into financial trouble?  Here are a few things I would consider,

1) Move in with parents or other relatives

2) Sell everything I can including cars

3) Find more income, rent room in my house to college student

4) Borrow against retirement funds or house equity

5) Move retirement money into someone else’s name for safety

6) Sent kids to work to help out

Carnival of Personal Finance #155

Also, our article, "Why Do We Need Savings?" was listed in the Carnival of Personal Finance #155 on Monday. You can read through the list of article at Carnival of Personal Finance #155.

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