Thursday, November 10, 2011

Remember That Emergency Fund I Was Talking About Yesterday...

Yesterday I posted about the need for each person to have their own emergency fund.  At the time I was thinking about each adult person in the family in case something happened to their SO and they needed some cash to get through the first few days or weeks after a crisis.  I'm beginning to think that everyone in the family should have an emergency fund because of what happened yesterday.
Last night I was perusing reddit and came across this post.  When the kid first posted I was thinking that's odd, maybe it is a sick joke (there seem to be a lot of teenage boys on the site and sometimes they just like to get attention). Then I thought that maybe it could be true. Then when I read the follow up, I nearly fell off my chair! How horrible for a teenager to be watching the news and see their dad's car in a fatality accident. Then if you read further through the comments you see that not only did his dad really die on the way home from work yesterday but his mom had died a few years earlier. And his concern, among other things I'm sure, is what the family will do for money because they were broke and his dad was the only wage earner.

That kind of tragedy makes me think of what kind of precautions should be taken in the event that something happens to both parents and there are kids in the house. Obviously putting $1000 in a savings account and giving access to it to a teenager is a bad idea but some sort of emergency fund should probably be established for your kids that they could somehow access in the event of an emergency. Just an idea...

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