We all have financial fears. I was reminded of this as I read a guest post by Ashley at Wide Open Wallet on Being Frugal. The post was excellent, outlining some of her financial fears. And it got me thinking about my own financial fears. So, here they are, and what I plan to do about it:

1. Losing a lucrative regular gig. I have one client that accounts for a little more than 1/3 of my monthly income. It’s a regular, monthly gig that is quite lucrative. I worry that some day (especially in this economy), the company will decide that getting rid of the corporate blog would be an excellent way to cut costs. In which case I will be in some serious trouble. What I plan to do about it: Look for other, small opportunities that can be leveraged into larger opportunities should the need arise. I also plan to build my emergency fund so that we can keep up with expenses for a couple months while I look for replacement income. It might also help to look at our budget and try to arrange things so that we are living on 2/3 of our income, rather than 3/4 of it.
2. Having something happen to the car. We’ve paid it off, and I really, really, really don’t want another car payment. Plus, we only have one car, so if it dies, it makes things sticky. Happily, we have relatives in town with extra vehicles. What I plan to do about it: Set some money aside for a car fund. We were doing this for a while, continuing to make the “car payment” to a savings account. But then we started putting in the yard, etc., etc. and that sort of fell off. We need to revive the practice. Also, we checked our insurance to see if there is coverage for a rental car in the case of an accident. There is.
3. My husband will have a hard time finding a job. My husband is working on his Ph.D. right now, and gets a modest stipend. I worry what will happen if he doesn’t get a job within a few months of finishing is degree. The stipend isn’t huge, but it does pay the mortgage and the car insurance. What I plan to do about it: Again, this a job for a better emergency fund and better budget planning. Also, I have encouraged him to attend conferences and make contacts so that he has a professional network in place to help him when he finishes.

What are some of your financial fears? And what are doing about them?

One of the things covered in most homeowner’s and renter’s insurance policies is damage to property. You can be reimbursed (check you policy for amounts and restrictions, etc.) for items lost in an event that is covered by your insurance.

But you have to know what’s in there.

I was reminded recently of the importance of the home inventory while reading Money Talks. You should make a home inventory of what is there, and what is valuable. You should also have proof in the form of images to show the condition that the property is in. You can do this with a digital camera (or scan printed pictures) or by taking video.

Some insurance companies have software you can use to help you make a home inventory, and they will even store it for you. This is important, since you need to store the information off site. I keep my home inventory (which needs — badly — to be updated) in a Google document. That way I can get at it as long as I have Internet access.

*Also, you should take regular pictures of your car so that you have proof of its condition if you need it for insurance purposes after an accident.

image source: sxc.hu

A little more guest posting, and that means more shameless self-promotion!

This time it’s an article with tips on shopping for auto insurance. You need auto insurance if you drive a car, but you may not need to pay that much for it.

Anyway, head over to the Wisdom Journal and read my guest post.