Do You Have Enough Cash in Your Emergency Fund?
One missing element in many people's financial plans is an emergency fund that can be tapped into when a sudden unforeseen event or a significant change in one's personal circumstances throws everything into jeopardy. This could be an accident or an extended illness that puts the main wage earner into the hospital. It could be a sudden marital separation, or loss of a job. It could be a flood or another natural disaster that entails costs and expenses until the insurance company payments start to flow. Any number of things can crop up in one's life and having an emergency fund is essential, according to personal finance expert, Gail Vaz-Oxlade. Find out the amount of money Gail recommends you have sitting in your bank account at all times.