Coping with financial emergencies

Financial emergencies due to lupus can range from a limited, unexpected situation to a more permanent financial hardship. When planning, it is wise to set aside some emergency funds. Generally, an emergency fund should hold enough money to cover living expenses for at least three months, or more.  However, a catastrophic event, such as serious complications due to chronic illness, can result in medical bills and other expenses that suddenly leave one financially overwhelmed.

What can you do when faced with a financial emergency?

• Evaluate the situation. What are the circumstances?
• Does your loved one have access to short or long term disability insurance?
• Review your loved one’s budget and prioritize expenses. Are there any assets that can be turned into cash?
• Talk to lenders about negotiating a payment plan.
• Talk to a bank representative about financial hardship options.
• Contact the local Human Services department for information about emergency funds. Be specific about why your loved one needs immediate financial assistance.
• In most states, you can dial 2-1-1 for referrals to financial and community services.