Today's economy seems to be constantly changing. This can make some of us uncertain of what the future may hold. For many during the first bout of job layoffs due to the Great Recession, it came as a bit of a shock and was a very stressful time for many. When times are good and bountiful, we often do not prepare for the times when our income may be sparse. At Auto Credit Express, we understand that regardless of what may happen to our income, there will still be financial expectations of us. If you don't prepare for the unknown, you can find yourself faced with some crippling situations that can become very difficult to escape.
How to Prepare
One of the first things you need to set up now is an emergency fund. This is not just your normal savings account that you can dip into every now and then to cover costs. This would be a fund that you leave untouched and add to regularly. Here are a few things to consider when setting up an emergency fund:
- The minimal amount that should be in your fund is three months worth of expenses.
- The funds in this account should only be used in the event of an emergency such as medical illness or replacing a broken down vehicle.
- If you use any amount of it, make sure you replace it and build it back up as soon as possible.
Other things you should consider having prepared in the event of a job loss or inability to work is to have your resume up-to-date and ready to go. Even though you may be prepared to have your monthly expenses paid without an income, you should start looking for a new job or source of income right away.
As We See It
At Auto Credit Express, we work everyday with people who simply met a stroke of bad luck. We've all seen bad things happen to good people, but the flip side of that is that good things can happen to good people too. That's why we're here, to help those good things happen. Losing your job is certainly something that can remain unknown in your future. But know this; there is help available when you are ready to purchase your next vehicle, even with poor credit or if your credit suffered even more during the rough times. Take a few moments to complete our hassle-free application for auto financing and let us show you how much help our team of experts can be to you.