4 Steps to Prepare for Financial Emergencies

Financial emergencies can come out of nowhere. But while you can't plan for when one will hit your household, it's highly likely some eventually will. Most people experience unexpected expenses or a sudden drop in income at least in a few points during their lives, either through medical bills, job loss, or other unexpected household events.

Whether you find yourself constantly careening from one financial emergency to the next or you've been lucky and one hasn't hit your household yet, it's imperative to be prepared for when disaster strikes. By taking some smart steps, you can maximize the chances you'll be able to cope with the situation without experiencing lasting damage to your financial stability.

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Source Fool.com