In the last week my home developed a gas leak, we discovered the hot water heater had to be replaced (the source of the gas leak), and the downstairs heating unit went on the fritz (a secondary problem caused by the same leak). Sounds unbelievable I know, but it really happened.
The good news (and yes, there really is some): We have the money to cover all of the related expenses. Yeah! So, while I still have to deal with the hassle of scheduling repairs, I'm not stressing about how we're going to cover the cost.
Which brings me to this question: Are you prepared for the unexpected? Admittedly, the chain of events that I experienced probably doesn't happen to many people, but lots of other unexpected events do--and that's what makes planning so important. So, are you prepared to cover an unexpected home repair, car repair, medical bill or even the loss of your job?
If not, now is the time to start planning and saving for those unexpected expenses:
Good advice. Money markets should pay at least 4% – see bankrate.com
Right on! Having an emergency fund keeps you from having to run up your credit cards for those unexpected expenses.
We had the same thing happen here at my house this past June. I was cleaning behind the dryer when the gas line snapped and made a hissing noise (NOT GOOD) I called 911 who promptly sent us 7 fire trucks and then the Gas Company showed up and turned off the gas and replaced the line to a newer flex line. Hey and that was only the beginning of my vacation!!!
i am prepared by having a crediot card – and will be hopefully soon be prepared by having savings to cover unexpected costs as it is of course better.