An Emergency stash is one of the most important things you can have to boost your money situation because it provides for situations where you need money quickly. The nature of emergency is that it can arise any time - maybe even today. This article looks at what constitutes an emergency and how to be better prepared if one comes up.
WHAT CONSTITUTES A MONEY EMERGENCY?
Save your Emergency Stash for a genuine emergency; something you couldn’t have predicted would happen at that time. Overspending your budget is not an emergency.
Genuine money emergencies
- Unexpected medical bills for you or your family (not your annual dental checkup)
- Death or illness of your parents or other family members requiring a trip at short notice or financial support for those affected
- A major breakdown or accident with your car, important appliances (like the stove or hot water or heating system) or your home (not that the regular service cost a bit more than usual)
- Fines or legal expenses (not the cost of the
Vince Scully
LifeSherpa
With over 25 years in Financial Services from consulting to management, Vince Scully is the go-to guy for wealth management and financial advice. Before creating LifeSherpa, Vince founded the Calliva Group; a fund manager, product issuer, adviser and lender. Vince is an adviser to the Wealth Management Industry, and prior to his role as CEO at Calliva, a senior member of Macquarie Bank’s infrastructure team.
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