Staying Prepared for a Financial Emergency
Even if you consider yourself to be in a decent financial situation, a sudden layoff or injury can drain your savings in a hurry. Though you hope you’ll never find yourself in an emergency situation , it never hurts to always be prepared for one.
Putting a substantial amount of your income into savings is a smart way to prepare for a financial emergency. In addition to a savings account, you might consider opening a 401(k) that you can tap into when faced with an emergency. Taking out a credit card with a high borrowing limit and a low interest rate can also help when you’re in dire straits—though it will only provide a temporary fix. Perhaps the best way to prepare for a financial emergency is to make sure you have decent auto, home, and health insurance.
For more tips on how to stay afloat during a crisis, contact GCS Credit Union. We’ve been providing excellent banking services and apt financial advice for over 70 years. Call our O’Fallon, IL branch at (618) 797-7993 if you have any more questions.