{"id":6159,"date":"2022-12-09T10:03:33","date_gmt":"2022-12-09T00:03:33","guid":{"rendered":"https:\/\/nimble.com.au\/?p=6159"},"modified":"2026-03-19T14:21:46","modified_gmt":"2026-03-19T04:21:46","slug":"how-to-prepare-yourself-for-a-financial-emergency","status":"publish","type":"post","link":"https:\/\/nimble.com.au\/blog\/how-to-prepare-yourself-for-a-financial-emergency\/","title":{"rendered":"How to Prepare Yourself for a Financial Emergency"},"content":{"rendered":"\r\n<p>Almost one in three Australian families are financially stressed, according to a <a href=\"https:\/\/aifs.gov.au\/sites\/default\/files\/publication-documents\/2111_3_fias_families_concerns_about_finances.pdf\">2021 survey<\/a> of more than 5000 Australian households. Chronic financial stress of this nature can place a heavy emotional toll on individuals, and can be debilitating.<\/p>\r\n<p>Financial emergencies can take many forms; a broken down vehicle, unforeseen medical expenses or even vet bills. They can present seemingly impossible barriers to financial security. If you\u2019re unprepared, emergencies like this can often lead to debt or the inability to pay for essential expenses, exacerbating financial stress further.<\/p>\r\n<p>It\u2019s not all doom and gloom. Thankfully, planning and budgeting for financial emergencies can be a rewarding and simple exercise.<br \/><br \/>In this article, we&#8217;ll discuss how to prepare for financial emergencies. We want to make your life easier in the long run while giving you peace of mind knowing that no matter what happens, you&#8217;re covered!<\/p>\r\n<p><br \/><strong>What is a financial \u2018emergency\u2019?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Depending on the degree of financial stress you\u2019re under, financial emergencies can take on a lot of forms.<\/p>\r\n<p>For those of us with significant expenses, such as rent or mortgage payments, it\u2019s crucial to start planning now. A short period of unemployment or a large unexpected expense can quite easily slip into the category of \u2018financial emergency\u2019.<\/p>\r\n<p>A financial emergency is any event that will leave your bank account in the red for an extended period of time.<\/p>\r\n<p>Examples might include:<\/p>\r\n<ul>\r\n<li>Job loss<\/li>\r\n<li>Chronic medical expenses of yourself or a dependant<\/li>\r\n<li>Unexpected long-term costs, such as increased mortgage repayments<\/li>\r\n<li>Other types of emergencies, such as damage to your home or livelihood<\/li>\r\n<\/ul>\r\n<p>Regardless of the emergency, if you prepare for financial stability by creating an emergency fund, you\u2019ll have the extra money you need to cover your living expenses, avoid debt and other financial difficulties.<\/p>\r\n<h2><b>Creating an emergency fund<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">It&#8217;s not uncommon for emergencies to happen, so in times of crisis, your income alone may not cover costs. This is when your emergency fund comes into play.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">When it comes to financial emergencies, building an emergency fund is the key to financial stability. It will allow you to save money and create a financial plan for the times when you need the extra cash most.<\/span><\/p>\r\n<h3><b>Make a budget<\/b><\/h3>\r\n<p><span style=\"font-weight: 400;\">If you don&#8217;t have a monthly budget already, now is a great time to start and the perfect opportunity to create an emergency fund at the same time.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">A budget won&#8217;t always cover all of your financial obligations but it will give you a bit of relief when checking your account during financial emergencies.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Besides your emergency fund, you should also be sure to factor in things like credit card debt, health insurance, life insurance, home insurance and some extra savings for living expenses. You\u2019ll feel great when you\u2019re super prepared, ready for the unexpected.<\/span><\/p>\r\n\r\n\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\"><strong>Set a savings goal\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>A good rule of thumb is that your <a href=\"https:\/\/investor.vanguard.com\/emergency-fund\/amount\" rel=\"nofollow\">emergency fund should amount<\/a> to approximately three months of pay.<\/p>\r\n<p>While this might seem like a lot of money to just have sitting around, you\u2019ll be thankful in the long run.<\/p>\r\n<p>According to the <a href=\"https:\/\/www.aph.gov.au\/About_Parliament\/Parliamentary_Departments\/Parliamentary_Library\/pubs\/rp\/rp1819\/Quick_Guides\/LTUnemployed\" rel=\"nofollow\">Australian Parliamentary Library<\/a>, the average duration of unemployment for Australian jobseekers classed as \u2018Long Term Unemployed\u2019 is almost two years. It is estimated that as of <a href=\"https:\/\/www.afr.com\/policy\/economy\/there-are-more-jobs-than-job-seekers-that-s-good-news-for-pay-rises-20220817-p5bal5\">August 2022<\/a>, there were over 400,000 of these job seekers in Australia \u2013 that\u2019s more than the population of Townsville.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><b>So how much should you save?<\/b><\/h3>\r\n<p><span style=\"font-weight: 400;\">There is no set amount that you should save but it&#8217;s important to assess your financial situation and ensure you have a safety net for when the going gets tough.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Try saving enough money to cover living expenses for a few weeks &#8211; or at least long enough to take advantage of social safety nets. Another thing to consider is unemployment insurance. The larger your emergency fund is, the more secure you\u2019ll be.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The trick to building an emergency fund of this size is taking a slow and steady approach.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Simply allocating a small amount of each week\u2019s paycheck is a simple way to do it. For example, $25 per week is $2,600 over two years. Double your weekly addition for a total of $5200 \u2013 and so forth. Over time, your emergency fund will grow, and with it, your degree of financial security.<\/span><\/p>\r\n<h3><b>Keep your savings in a different location<\/b><\/h3>\r\n<p><span style=\"font-weight: 400;\">Keeping your money divided up into purpose-made bank accounts is the easiest way to ensure that you don\u2019t accidentally go digging into your savings.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">While the simplicity of having just one \u2018big pile of cash\u2019 savings account might seem appealing, it is most likely at odds with the nature of your savings goals.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Some savings goals might be\u00a0 short term \u2013 such as for a new television or surfboard \u2013 while others can be long term, like for a new car, or a deposit on a house.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Plus, your emergency fund isn\u2019t a savings goal <\/span><i><span style=\"font-weight: 400;\">per se<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">It\u2019s more like insurance, protecting you in the event of an unexpected financial emergency.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">With this in mind, it makes sense to have a totally separate, high-interest savings account, specifically for your emergency fund.<\/span><\/p>\r\n<h2><b>How else can we plan for financial emergencies?<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">Once you have your emergency fund set aside, it\u2019s important to keep it topped up. Increasing it to six months worth of living expenses, or even more, is a great goal.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">If you feel like you need even more security, or you are anticipating a need to start tapping into your emergency fund, you might want to consider other strategies. This might include shopping around for home insurance.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Ultimately though, cash is king. When push comes to shove, financial emergencies are often best resolved with easily accessible, liquid cash. Taking the time to prepare a budget that will allow you to have a back-up fund will save you stress, hardship and difficulty in the long-run.<\/span><\/p>\r\n<h2><b>What happens if the fund doesn&#8217;t cover the financial emergency?<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">What people don&#8217;t always account for is that their emergency fund may not cover all expenses, which can lead to debt and financial hardship.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">The good news is there are ways to prevent this from happening.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">A <a href=\"https:\/\/www.nimble.com.au\/loans\/small-loans\">Small Loan<\/a> from Nimble can give you the extra cash you need during financial emergencies, with flexibility to schedule your payments to suit the frequency of your salary repayments , keeping you prepared.<\/span><\/p>\r\n<h2><b>Earning additional money<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">Have you thought about a side hustle to help build your savings?<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">There are many ways to make a bit more cash these days from food delivery, babysitting and online stores, through to setting up a stand at the local market.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Every cent helps and can contribute payments to that emergency fund you are growing.<\/span><\/p>\r\n<h2><b>Keep on top of your maintenance<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">Whilst there is no way to prepare for the unexpected, a few little maintenance tips can help give you a better chance at keeping your savings balance on the higher side.<\/span><\/p>\r\n<ol>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid car emergencies &#8211; make sure you schedule that service on time, replace wheels before they wear out and drive responsibly to avoid a fine<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your home in tip-top shape &#8211; organise a pest inspection before you have a termite problem, fix a leaking roof to prevent major damage and turn off lights so you don&#8217;t have an unexpected electricity bill<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create healthy habits &#8211; go to the dentist for a filling to prevent a root canal, eat well and exercise\u00a0 to stay healthy , and invest in life insurance.<\/span><\/li>\r\n<\/ol>\r\n<h2><b>The key takeaways<\/b><\/h2>\r\n<p><span style=\"font-weight: 400;\">When it comes to financial emergencies and creating an emergency fund, failing to prepare is preparing to fail.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">So remember:<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build savings now to be prepared for the future<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create a monthly budget to factor in three to six months worth of expenses<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your emergency fund in a different account to your normal bank account as it will make it harder to use your cash on living expenses.<\/span><\/li>\r\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep on top of routine maintenance to prevent bigger bills<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400;\">And if you need the funds sooner rather than later, a <\/span><a href=\"https:\/\/nimble.com.au\/anytime\/\"><span style=\"font-weight: 400;\">Nimble AnyTime Virtual Mastercard<\/span><\/a><span style=\"font-weight: 400;\"> can send you the cash boost you need right now.<\/span><\/p>\r\n\r\n\r\n\r\n<p><em>Disclaimer: Please note this content is provided as general information only and does not take into account your objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The above post refers to application software (\u201cApp, Apps\u201d) that is not affiliated or associated with Nimble. We do not have any control or responsibility over the content of the Apps. Use of the Apps may be subject to further terms and conditions imposed by the App provider, the owner of the mobile operating system and\/or other related parties. The above links belong to a variety of websites and not Nimble, so clicking on, and using them, will take you away from Nimble\u2019s website meaning we\u2019ve got no control or responsibility over the content. Nimble does not endorse and is not affiliated or associated in any way whatsoever to the businesses named in this blog post. The information contained in this article is correct at the date of publication.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Almost one in three Australian families are financially stressed, according to a 2021 survey of more than 5000 Australian households. Chronic financial stress of this nature can place a heavy emotional toll on individuals, and can be debilitating. Financial emergencies can take many forms; a broken down vehicle, unforeseen medical expenses or even vet bills. [&hellip;]<\/p>\n","protected":false},"author":52,"featured_media":6160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51,10],"tags":[],"class_list":["post-6159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-tips-resources"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Prepare Yourself for a Financial Emergency<\/title>\n<meta name=\"description\" content=\"Everyone is likely to experience at least one financial emergency in their lifetime. Learn how to prepare so you can deal with them effectively when they happen.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nimble.com.au\/blog\/how-to-prepare-yourself-for-a-financial-emergency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Prepare Yourself for a Financial Emergency\" \/>\n<meta property=\"og:description\" content=\"Everyone is likely to experience at least one financial emergency in their lifetime. 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