Create a Financial Safety Net

Where do you turn when a financial emergency strikes? Do you resort to credit cards, borrowing money from friends and family, or do you have some money set aside? How you respond to a financial crisis can significantly impact your finances for years to come. Tapping into resources that are meant for something else to cover an emergency can set your retirement back, take money away from a college fund, or even lead to bankruptcy. Creating a financial safety net lies at the foundation of any financial plan. We hope to never have to use it, but we're thankful when it's there in a time of need. Learn some of the ways you can create your own financial safety net.