Emergency Funds Case Study

Emergency banking act of 1933, was an act to keep everyones money safe in the federal banks.

EMS organizations also have their contract options for funding. According to the Centers for Medicare and Medicaid Services (2013), they developed a fee schedule for ambulance services, in order to contain costs. This schedule is written into a contract. Many patients that are transported by ambulance are Medicare beneficiaries. The government will only reimburse the companies for services rendered during transport, unless contraindicated by the patient’s medical condition. There are codes associated with treatment that either replace or supplement ICD-9 codes. The fee schedule also corresponds with BLS and ALS levels of care, rating treatment from routine to complex (Brennan, 2012). Private insurance companies like Blue Cross Blue Shield include ambulance services for their patients when other transportation would otherwise harm the patient. Cities and hospitals create contract agreements with private ambulance companies for services.

This US News article has great tips for building this cushion. You want to evaluate where you 're spending money and form a budget so you know how much you can contribute to savings on a regular basis. While $10,000 is a great start, depending on your family situation you will probably want to continue to grow this number as well. Most likely, your expenses for six to 12 months will exceed this number anyway. Plus if you save a lot more money, you can look into additional options like the ones below if you decide at first that saving it is the best way to go.

Some reasons an emergency fund is important is are in the event of unexpected events. One can still be covered from finical ruin until they can obtain more funds for financial security. Sudden unemployment, illness, household, and natural disasters can have long lasting financial implications in the wrong predicament. For the finical situation I am in any one of these events would leave me homeless in less than a month.

Hannah you should put back some money into an emergency savings account. Just in case you have unexpected disbursement that come up. Like the emergency room visit a month ago that would have helped you out instead of putting you in debt. It would have took care of that and wouldn't have put you in debt.

Ramsey suggests that having an emergency fund prevents you from having to use credit cards and other credit tools to fund repairs like an unexpected furnace malfunction or a car wreck. The fund is to stay liquid, meaning that it should be in cash form and should not be spent except in case of an emergency. Additionally, if you do have to break into the emergency fund plan on replenishing it right away until you have a thousand dollars again.

Baby Step 3: Put Three To Six Months of Expenses into a Savings Account for a Full Emergency

Out of all the new deal programs, the Emergency Banking Relief Act was the most successful (Bank Holiday). It was a new deal program that helped fix the issue of banking crisis. People put lots of their money into banks, and when one person realized that their bank was using their money for other needs, the word spread. People were frantic and demanded their money back, and the government knew they had to do something about it before all banks shut down. The act pledged government support to banks and helped them get their affairs in order. The government made all banks shut down for four days, and inspected them to see if they could stay open based on their situation and finances. Only the banks with enough funds to meet the depositors demands

Another benefit to earning one’s own money is having emergency funds for when a sudden crisis takes place. I remember when I broke my arm a few years ago, and how my mother’s savings helped cover the costs of the hospital bill. Those savings weren’t planned on being used for anything, and they happened to have been very rewarding in terms of our finances. Having emergency savings can be useful if a natural disaster or even death were to suddenly strike. Insurance may cover some costs of whatever the scenario is, however it won’t cover everything. This is why people should always plan ahead and save for the future.

The significance of establishing the future-oriented saving's plan would depend on the need of the household and its contributors. For instance, a household utilizing cautious spending habits would reduce the risks in their financial plan; while also creating a monetary analysis which could be easily managed.

In order to increase her emergency fund, Shelby will need to create a practical budget and stick to it. She may consider using payment services and savings programs, while reducing banking fees and maximizing earnings on funds. For example, she will need to evaluate and compare the costs of checking and check card services at various financial institutions. She may also want to open up a regular savings account considering it involves a low or no minimum balance. However, with an ease of withdrawal, it has a low rate of return. Another option, for her, is getting a Certificate of Deposit, which is a savings plan, with a guaranteed rate of return for the time of the CD. CD's unfortunately have drawbacks as well, such as a penalty for early withdrawal

Money has to be utilized for the emergency because the sooner people start saving for the emergency, the less they will have to save in the future, especially when they retire. People always need money to pay for housing, food, bills and health care even if they become older. A family member can develop a health issue like cancer or other serious diseases or an accident. These emergency can happen time to time people have to encounter without any guess and require big money for treatment. Some people want to live in rural area so that they need money to by a house when they quit their job. Their children are likely to encounter difficulties or get married, the old parents also spend money helping them.

Save your loose change. Really! Putting aside just 50¢ over a year will get you 40 percent of the way to a $500 emergency fund. And some banks and credit unions or apps offer programs that round all your purchases to the nearest dollar and put that money into a separate savings account.

Whether or not you call it an emergency or rainy day fund it is all the same.

The world has encountered multiple disasters throughout the past decade. The devastation from tsunamis, mudslides, hurricanes, tornadoes, flooding, wildfires, super storms, and terroristic attacks impacts the lives of millions, and the affects will be felt for generations. A "disaster is an event that causes a level of destruction, death, or injury that affects the abilities of the community to respond to the incident using available resources" (Nies & McEwen, 2011, p. 562). The state of Texas has experienced severe drought conditions for several years. Severe drought conditions place Texas at high risk for wildfires and flooding. In 2011 Texas experienced the most devastating wildfire season the state has