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.

First aid kit and Dollar Sign

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.

 

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