A financial safety net is not one savings account or an insurance policy, but rather a comprehensive portfolio of risk-reducing measures. A financial safety net is meant to protect you and your family, at least in part, from losing your financial security or derailing your long-term financial goals because of some unexpected event like a catastrophic illness or other personal tragedy. Though you cannot insure against everything, nor should you try, here are some of the best and most cost-effective measures you can take to begin to build your personal financial safety net.