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The ideal situation is having a three to six-month emergency fund, something that could cover all of your essential bills if it took you up to half a year to find a new job after being laid off.
The size of this emergency fund is thus a personal decision, taking into account the size of your mortgage/rent, grocery bills, utility bills and bills you won’t cut if you lost your job.
Here are a few options for raising cash in an emergency, whether it is a broken furnace or extended stint in unemployment.
Savings
This is the best way to pay for emergency expenses, whether it is unplanned medical bills, home repairs or traveling to a funeral. You have full control over the money and how it is spent.
You can access it immediately, as long as you didn’t invest the money in CDs or stocks. You won’t get much interest on the money if it is sitting in a savings account, but this more than offsets the interest you’d pay if you had to borrow a similar amount to pay for unplanned expenses.
There are several problems with relying on savings for emergencies. You may not have enough money saved. You may be unwilling to use all of your savings to pay for an expense you can borrow for, when you may be hit with something you can’t borrow to cover.
A classic case is borrowing money for major home repairs or medical bills, when you want to hold onto cash to pay for any new bills that may appear. Then you know you have the cash to pay the mortgage if you’re unable to return to work as soon as you hoped or something else is found to be wrong with the house. Or the bills may simply keep piling up after your savings run out.
Personal Loans
Personal loans are those you can get from family, friends and even social network… Read More
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