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.