Backup plans?

[Ella]

In the event something comes up that costs a lot of money be it car repairs, home damages, medical bills, or anything of that nature - Do you have a backup plan to avoid major debts? I feel like the average person doesn't these days which makes things like this even harder. 

[Mila]

I don't have one, not in the sense that I think you mean. I do my best to avoid debt but I always make sure to have a savings. I think that is all most people can do. Have a sum of money on the back burner just in case. There are other measures I am sure people can take but I can't think of any. 

[Brenden]

Same, I don't have a backup plan if something big does come up. I worry about it a lot too, because my house needs repairs and I have been having to put them on hold for the time being due to debts. 

I don't have much money as a backup, but if I need to, I will sell off some of my belongings.

[James]

Yes my back up plan is always having 6 months of living expenses in cash on hand at all times. That way if things go sideways it will give me plenty of time to adjust and make things right again. 

[Emma]

On 11/29/2021 at 4:20 PM, James said:

Yes my back up plan is always having 6 months of living expenses in cash on hand at all times. That way if things go sideways it will give me plenty of time to adjust and make things right again. 

I am working on this myself. So far I have 2 months saved. I am hoping by next year to have a full 6 months worth put aside. I have to save slow but I am getting there!