More Than Finances

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When Emergencies Pop Up: Having an Emergency Savings Could Save You Some Headaches

It’s a good idea to have some savings on the side in case of an emergency. This is pretty much common knowledge, but still, it’s hard to believe how many people choose to completely ignore this aspect of their lives. Ultimately, this comes down to a personal choice, but if it’s at all possible, you should definitely think about putting some of your money in an emergency savings fund, and we’ll try to do our best to convince you why.

You could lose your job at any time

Gone are the days of job stability, unless you’re one of the market-leading experts in your field everyone is looking for. Even if you do a good job, the company you work for can run out of business within a single day, leading to all of the employees being let go and having to look for a different job position elsewhere. Having some emergency savings on the side can keep you afloat until you find another job.

Your health is your most valuable asset

Health-related emergencies can cost a lot of money and they’re impossible to predict in advance. But you can certainly plan for them by having enough money saved up to cover the emergency expenses. If nothing bad happens (and let’s hope that it doesn’t), great! That money is still yours to keep. But if you need an expensive surgery all of a sudden during a certain point in your life, you’ll be able to cover the costs without having to compromise on your health.

It’s impossible to tell when your car is going to break down

This is especially true if you drive an older model. Things could get even more complicated if you use it as your only means of commuting to work, leading to further monetary problems, as if the original problem wasn’t enough. In the best case scenario, the repair costs can be minor, but you shouldn’t be counting on it. Also, if you’re living on a shoestring budget, you may not even be able to afford to repair your car, which is why you should start putting some money on the side as soon as you are able to.

Unexpected travel costs can be quite high

Suppose you live in another state than your relatives, and one of them gets terminally ill. Chances are, you’re going to want to find a way to spend as much time with them as possible, which unavoidably involves having to travel to wherever they live. The travel expenses can reach mind-numbing heights pretty quickly, so having some emergency savings available should definitely make things a bit easier.

If all else fails, get a loan

Sometimes all the planning in the world won’t help you, and if the situation calls for it, you’re going to need to get a loan. If you want to seek out one of the best service providers in the loan industry, go to kingofkash.com right now to see what they’re all about.

Conclusion

The concepts we’ve covered today are just the beginning of a long list. By starting to plan in advance, you can avoid many unforeseen headaches in the future.

 

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