We're here for you – ready to listen, support and navigate this together.

In the interest of the health and well-being of the communities we serve, our branch offices are not meeting in person with new and existing clients at this time. We will continue to serve you through several virtual options. Learn More

Keep Emergencies from Derailing Your Strategy

March 01, 2020

Almost 30% of U.S adults would have to borrow or sell something to cover an unexpected expense of just $400, and 12% wouldn't be able to cover the expense at all, according to the Federal Reserve.*

While this may not describe your situation, having safety nets to help ease the burden of unexpected expenses, such as insurance and an emergency fund, is an important part of any financial strategy.

Emergency savings can cover items insurance typically does not such as a major illness, accident or job loss. Insurance can cover items your savings may not be equipped to handle such as lost or stolen property and home or car repairs.

If you don't already have an emergency fund or insurance in place, take these first steps to prepare.

  • Detail your current financial situation including your income, expenses, assets and debts and any money previously set aside for the unexpected.
  • Consider saving between three and six months of living expenses if you are still working; 12 months if you are retired.
  • Inventory your current insurance coverage held through and separate from your employer. This includes medical, life , disability and liability insurance. Are there any gaps you need to cover?

This list is just a starting point. Depending on your age, your list may look considerably different. Your financial advisor can help you put together your to-do-list related to your financial goals and help you calculate how much cash you may need for your next unexpected event.

Important Information:

* Board of Governors of the Federal Reserve System, May 2019: "Report on the Economic Well-Being of U.S. Households in 2019"

Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P. and in California, New Mexico, and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.

More Resources:

Edward Jones Perspective Newsletter

Want our free e-newsletter sent to you each month? Ask your financial advisor to sign you up.

How do I Prepare for the "What Ifs"?

Don't let unexpected events stop you from achieving your financial goals, like retirement.

Find a Financial Advisor

Find a Financial Advisor

Select a State and then enter a last name

    Don't let unexpected events derail your strategy

    We can help you prepare for life's unexpected curveballs.

    Learn more

    Savings Accounts

    No matter how routine your day-to-day activities may seem, wisely handling everyday finances is all part of your total financial picture.

    Read more