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4 Family Emergencies or Debts To Plan For Just In Case

Hope for the best, and prepare for the worse. That’s how the saying goes, and that should be one of your main moral precepts if you want to keep your family’s safety as a priority. Even though it may be uncomfortable talking about certain types of emergencies in advance, you should bring them up in a convenient and secure environment rather than trying to figure things out after the tragedy has happened.

Think of a few examples where preparing for an emergency or debt would make more sense than just leaving it as a discussion for later. What happens if someone in your family gets a severe medical condition? How do you plan on paying for school for your children? What happens if a family member dies and you have to travel to their funeral? And, do you know what you’re going to do if you get in the vehicle accident or your car malfunctions?

Serious Medical Conditions

Even in unexpected ways, a family member may come down with a severe medical condition. Do you know what it takes to go through a serious medical operation? Do you know how much it costs? Do you know how long they take, and what the recovery time is? If you talk about different medical issues in advance to all of your family members, then you all will be much more prepared if something does happen and you have to deal with it.

Paying For School

One of the most severe debts that anyone in your family can run into is trying to figure out how to pay for school. Most families will take out loans to get the initial fees pushed out of the way. But then how do you pay those loans back? It indeed can be considered an emergency if your family goes hundreds of thousands of dollars in debt because they paid for a few of their children to go through excellent schools. Talk about it in advance to avoid any uncertainty about what you’re going to do.

Traveling To Funerals

It can be quite a hit to a family’s budget if there is a death and the whole family wants to travel to the funeral. Plane tickets can be costly if they aren’t purchased far in advance, so especially if a close family member dies and the whole tribe goes to their funeral, it can be an extraordinary expense. Talk through this occurrence before it happens, and potentially create an emergency fund early for this sort of event.

Vehicle Accidents or Malfunctions

And finally, what are you going to do if your family’s primary vehicle gets in an accident or malfunction somehow so that you can use it? Do you have a backup plan? Do you know if you can afford a temporary car rental or if you can afford to get the car fixed if it’s severely damaged? Again, preparing for this is much better than putting it off until later.

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