Have you ever devoted time to drawing up a budget? Would you really know exactly how much you pay every month? Can you have enough in savings to bear the strain if you suffer a financial hardship? Interestingly, most people would answer no to at least one of those questions, if not all of them. Most of us are probably "too busy" to prepare for a financial disaster ahead and figure we'll take time to handle our "someday" finances better.
Sadly, as we are waiting for "someday," a financial disaster will strike without notice and leave us searching for extra money to come up with. The truth is that issues like a medical crisis, work loss, failure of a expensive object, destruction and vandalism, pet medical emergencies and other unavoidable problems can impact people unexpectedly. Will your current budget or savings allow you to cope with such a cost without burdening your cash flow?
Also Visit: How to Survive on a Student Budget.
infographic by: education.bankerstrust.com