Most Americans (69%) have less than $1,000 stored away for an emergency. Even fewer could cope with a long-term crisis.
Knowing this, is it any wonder that the government had to issue stimulus checks to help us survive 2020 and 2021?!
Now that the pandemic situation is wrapping up, we can’t expect more handouts. If you need fast cash, then you’ll have to look towards other solutions.
Are you confident that you won’t have a financial emergency?
Tread carefully, as there are a ton of situations that can flip your situation on a dime. Read on to learn about 5 events that could cause financial emergencies in 2022.
1. Your Car Breaks Down
Unless you live in a city, you likely rely on your car daily. Your car takes you to and from work, and it also helps you get groceries.
If it breaks down, then you’re stuck until you fix it up. The bad news is that some car repairs are very expensive.
2. Expensive Home Necessities Get Damaged
Your home deserves a lot of TLC, but you can’t always keep up with expensive repairs. A storm, for instance, could destroy your roof. A roof will cost at least a few thousand dollars.
3. You Get Sick or Injured
When you get sick or injured, you could wind up with a windfall of losses. Not only will you likely incur medical bills, but you might also lose time off of work, too.
4. You Lost Your Job
One major life event that no one wants to experience is getting let go or fired from a long-term job. When you lose your job, you lose the ability to support yourself.
Even worse, securing a new job will take time.
Unless you have other support or a hefty savings account, then you’ll need cash fast. A lack of money coming in will have little bearing on the mounting bills you have.
5. Necessities are at Risk (Utilities, Food)
In any of the situations above, an emergency fund can help you float by…for a while. What if you have specific needs that are going unmet, though?
If your utilities are at risk of getting cut off or your home is getting foreclosed upon, then you need help NOW. If you are facing food insecurity, then things need to change.
In these dire situations, you might need to get a loan or put your pride aside and ask for help. Check out loanz.com for a quick loan that you can count on.
Need Fast Cash? Find Your Solution Now
Any one of these situations can take you from the top to a financial crisis. These situations often mean you’ll need fast cash to recover.
What’s more, you may not be able to get back on your feet until you can cover the emergency expense.
No matter how dire your situation feels, know that things can change once again. All you need is one unexpected event to help you bounce back and start earning income again.
Did this article help remind you of the importance of saving money for a rainy day? We hope so! The good news is that we have plenty more awesome advice where that came from.
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