Optimal Finance Daily - Financial Independence and Money Advice 3038: 4 Emergency Funds You Need Not Including The Traditional Emergency Fund by Christina Browning of Our Rich Journey
Feb 12, 2025
Christina Browning, a financial expert and blogger at Our Rich Journey, shares insightful strategies to bolster your financial preparedness beyond the traditional emergency fund. She introduces four alternative emergency funds, including the importance of having a cash stash and maintaining a backup bank account. Christina emphasizes the strategic use of credit cards and the value of social connections during financial crises, highlighting how a solid support system can enhance resilience and provide peace of mind.
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Cash Stash
- Keep a cash stash exceeding ATM withdrawal limits for emergencies.
- This is crucial during power outages, natural disasters, or identity theft.
Local Bank Fund
- Maintain a separate emergency fund at a local bank, distinct from your regular accounts.
- This provides a buffer while transferring funds during crises.
Credit Cards
- Have three credit cards from different major companies (Visa, Mastercard, American Express).
- This ensures at least one will work during emergencies when cash isn't accessible.