Preparing for Financial Emergencies

Описание: Hi my name is Chelsea Fry am the director of Retail Services here at Diamond Credit Union and I'm here to talk to you about how to prepare for a financial emergency. Some examples of a financial emergency include; major home repair, totaling of a vehicle, a natural disaster, a medical emergency for you or one of your dependents, or potentially the loss of a job. When considering preparing for a financial emergency and looking at paying down debt or establishing a savings account many financial experts recommend establishing the emergency savings account first because a financial emergency can happen at any time and if you're not prepared, it's possible that that debt can skyrocket even more. So when taking a look at your monthly expenses and your monthly income, see what is left over at the end of the month, if you have two hundred dollars, but a hundred to the savings and then put a hundred down towards a debt. When I financial emergency hits, there are a few options available to you. For more Diamond Youniversity lessons check out our blog for helpful tips.