How Prepared Are You for a Financial Emergency?
Could you handle an unexpected expense or income loss? Take this quick quiz to find out how financially secure you really are!
1. Do you currently have an emergency fund?
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A) Yes, at least 3–6 months of expenses saved
B) I have some savings, but not enough
C) No, I’d have to rely on credit or loans
2. If your car broke down tomorrow and needed a $1,000 repair, how would you handle it?
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A) Pay from my emergency fund 💵
B) Put it on a credit card and pay it off over time 💳
C) I’d have to borrow money or delay the repair 🚨
3. How stable is your current income?
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A) Very stable—I have steady employment or multiple income streams 💼
B) Somewhat stable, but I worry about job security 🤔
C) Not stable—I rely on irregular income or gigs 🚨
4. Do you have health insurance or a plan for medical emergencies?
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A) Yes, I have coverage and a health savings account (HSA) 🏥
B) I have basic coverage, but no savings for extra expenses
C) No, I’d have to figure it out as I go 🚨
5. How much of your income goes toward debt payments?
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A) Less than 10%—I keep debt minimal
B) 10–30%—I have debt but manage payments well
C) More than 30%—Debt eats up a big chunk of my income 🚨
6. If you lost your job today, how long could you survive without income?
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A) Over 6 months—I'm fully prepared
B) 1–6 months—I could manage but need adjustments
C) Less than a month—I’d be in financial trouble 🚨
7. Do you have a written budget that includes savings for unexpected expenses?
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A) Yes, I track my income and expenses regularly 📊
B) I have a budget, but I don’t always follow it
C) No, I just spend as needed and hope for the best 🚨
8. Have you identified areas where you could quickly cut expenses if necessary?
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A) Yes, I know exactly what I’d cut first
B) Somewhat, but I’d struggle to make big cuts
C) No, I live paycheck to paycheck 🚨
9. Do you have an additional source of income (side hustle, investments, passive income)?
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A) Yes, I have extra income beyond my main job 💡
B) I’ve considered it, but haven’t started yet
C) No, my paycheck is my only income source 🚨
10. How confident are you in your ability to handle a financial emergency?
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A) Very confident—I’m well-prepared 💪
B) Somewhat confident—I’d need to make adjustments
C) Not confident at all—I’d struggle a lot 🚨
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