What is a contingency plan used for in personal finance? and Small businesses in Northern Ireland encouraged to get fit for finance. Pictured at Barclays Business lending clinic in Belfast with Minister of Finance and Personnel Sammy Wilson are (l-r) Hubert Brown Kerr, Business Owner, Sunstart Bakery and Andrew Van

What is a contingency plan used for in personal finance?

I'm having trouble finding out how a contingency plan works in personal finance. I've tried dozens of websites, but no luck.

Any help would be greatly appreciated.

Thanks


Finance best answer:

Answer by Alex
A contingency plan is a plan that relies on meeting some goal or not meeting it. Personal finance examples would be: buying a new car if I get a raise, buying a smaller house if my raises are small in the next few years, relying on savings to pay bills and cutting unnecessary spending if I lose my job.

Finance

Small businesses in Northern Ireland encouraged to get fit for finance. Pictured at Barclays Business lending clinic in Belfast with Minister of Finance and Personnel Sammy Wilson are (l-r) Hubert Brown Kerr, Business Owner, Sunstart Bakery and Andrew Van


Image by Northern Ireland Executive
Small businesses in Northern Ireland encouraged to get fit for finance. Pictured at Barclays Business lending clinic in Belfast with Minister of Finance and Personnel Sammy Wilson are (l-r) Hubert Brown Kerr, Business Owner, Sunstart Bakery and Andrew Vance, Barclays Business Manager.

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Orignal From: What is a contingency plan used for in personal finance? and Small businesses in Northern Ireland encouraged to get fit for finance. Pictured at Barclays Business lending clinic in Belfast with Minister of Finance and Personnel Sammy Wilson are (l-r) Hubert Brown Kerr, Business Owner, Sunstart Bakery and Andrew Van