Don't Be Scared! Planning for the Scariest Financial Scenarios
With Halloween around the corner you might have noticed a few extra zombies and ghouls wandering around your neighborhood. With the thought of scary creatures and things that go bump in the night in mind, let’s take some time to examine the scariest financial scenarios you may come across, and what to do when terrifying problems attack your wallet.
Hospitalization
It is absolutely essential to make sure you have health insurance. Most people get health insurance from their employer. If not, you can purchase health insurance as an individual on state or federal exchanges depending on where you live.
Natural Disaster/Damage to Home
Again, if your home takes damage in a fire, flood, or during any type of natural disaster, your best bet is to have insurance. Seek out homeowner’s insurance, or renter’s insurance if you rent your home or apartment. Having insurance before disaster strikes will save you a lot of financial headaches later on.
Credit Card Fraud
Nowadays, identity theft and credit card fraud have become increasingly common. To prevent fraud, make sure you never enter your credit card information into a website you do not trust. If someone does steal your credit card number, contact your credit card provider IMMEDIATELY to cancel the card, reverse any fraudulent charges and get a new card.
Everything Else Life May Throw Your Way
Life is incredibly unpredictable and you never know when a random financial nightmare may happen to you. For this reason, it is important to have an emergency savings account that you only touch if disaster strikes. Put a few hundred dollars into this account each month and DO NOT touch that money unless you absolutely need to.
In closing, while the world can seem like a scary place, it is possible to be prepared for what life throws at you. By preparing your finances now, you can ward off financial emergencies as they arise.
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