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4 Comments

1

[...] out this article from Liz Weston, Why You Need an Emergency Fund for Your Parents (a few highlights are below, but the entire article is worth a [...]

2

Thank you for bringing this to my attention. Things are a bit different here in the UK, but care for the elderly is still desparately in need of improvement.

My parents are not at this stage, but it’s always a good idea to have a back-up in case of health problems, since I live about three hours away. Emergency travel home is something that I plan to cover by my emergency fund, although later in life I’d like to be able to help with health costs if needed.

Thanks for this post.

3

[...] Why You Need an Emergency Fund for Your Parents “If you have parents who are elderly or in poor health, consider opening a savings account dedicated to making their lives, and yours, a little easier. That fund can pay for:” Ask Liz Weston [...]

4

I think the problem is that it is very hard to plan ahead for these kinds of expenses.

They tend to just come out of your savings and so having an emergency fund that can always be tapped into is certainly a good idea.

The truth is though that most people in the US both have little or no savings or are living paycheck to paycheck.

In fact 1 in 3 have no savings at all.

Survival is more the order of business for many then emergency funds I fear.