How to Plan for a Financial Emergency

Written By Louis Tully

Published on March 17, 2020

Between our ever-shifting stock market and the constant tension-filled political arena filled with one-sided politicians arguing over neverending issues affecting healthcare, social security, and so on, you have to wonder why over half the American population is still underprepared for even the smallest of financial emergencies. However, if you're in the Mississippi area, there's still hope for you. You still have the emergency option to get a signature installment loan or title loan when in a pinch. However, you can also plan for financial emergencies, so you have things in place, just in case. Even if that financial emergency never arises, you still will have leftover savings and ways to get funds or buffer against instability in the stocks or job market. Some of the best ways to plan include:

Preparing for unforeseen setbacks
Setting up Life Insurance
Make sure you have Adequate Health Coverage
Take in Account Natural Disasters

Prepare For Setbacks

While it is easy to spend money, it is not easy to save up. Setbacks can be small such as getting into a car accident, slipping and falling, or an old debt you forgot about coming up to surprise you. These minor emergencies can still impact the stability of your finances. Rather than being caught off guard, you can set up an emergency fund for things like car or home repairs.

Setting Up Life Insurance

Tragedies can strike so being prepared with life insurance policies is essential for any family. Adult members of your household should consider ensuring they have life insurance. If your job offers the option for life insurance, make sure you take the offer and set it up to benefit your family.

Get Adequate Health Coverage

Health coverage is one of the biggest financial problems facing Mississippi residents today. Studies find that Mississippi has one of the highest rates of debt due to hospital treatments in the United States. Without proper coverage, you can end up paying thousands for relatively minor treatment such as having to call an ambulance for transport and getting emergency aid. Many people take out loans such as a payday loan to pay for other medical necessities like medication and exams. Having adequate health coverage will reduce the costs for your entire family or partner. In a financial emergency, the last thing you want to deal with is unpaid hospital fees for expensive medical bills without any insurance.

Take Into Account Natural Disasters

States like Mississippi can do years without any major natural disasters but even minor ones can cause financial emergencies. For example, local flooding can still damage your home, vehicle, and other property. The longer it takes to fix things like water damage, the more you may end up paying. Mold and rot can spread in a matter of days and further damage the home. You should always have funds in place for natural disasters to avoid being unable to pay for repairs. While insurance can help you pay for damages, it will seldom cover the entire amount for repairs. Mississippi residents should always keep in the mind the history of natural disasters in their area and plan accordingly.

Woman got a title loan for a financial emergency

Find Car Title Loans Near You

At Mississippi Title Loans, Inc., residents can rest easy knowing that they have options in the case of a financial emergency. If your savings are strained and you lack the funds for essential things like car repairs or food, then you can get up to $2,500 today with a title loan. Most applicants with applications approved before 12 PM get their funds the same day. If time is of the essence, then consider finding loan places near you today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.