Saving money for a rainy day may seem unrealistic in times like this, where prices of things keep increasing. The frustrating part is that your pay remains stagnant.
Everyone needs to put in the effort to keep away money for an emergency, even if it's only a little at a time.
People most times dismiss emergency funds because they often think, "A financial crisis can't happen to me" It is necessary we are prepared for it.
LOSS OF JOB
One cannot say his /her position at work is secure; anything can come up about your employment. It is sensible to have some money saved to cover some months bills and expenses. This will give you time to sort out another source of income.
HEALTH CONDITION CAN COME UP
How will you finance an unexpected trip to the emergency room, should it come? It's impossible to know when your health will take a downward turn, that's why it's necessary that you start building your emergency fund as soon as possible.
EMERGENCY REPAIR WORK AT HOME
A day can come where there will be heavy wind blowing, that damage the roof of your house. The air conditioner or refrigerator breaks down on a day. Home insurance probably won't cover 100% of the possible things that could go wrong in your home. Having money saved can come very helpful in times like this.
UNEXPECTED TRAVEL
Travelling unexpected requires money. If there's a reason for you to leave town suddenly. Maybe invite for a job interview, birth of a grandchild, threat to life. Sometimes in life things can pop up and they can cost a small fortune!
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