Saving money can be really difficult for some people, but it’s something you must do so that you can stay in good standing financially. Bad things can happen to good people and sometimes those things can cost you a lot of money. That’s why everyone should have an emergency fund. An emergency fund is a stash of money set aside to cover the financial surprises life throws your way.
Here are some of the top emergencies people face:
- Job loss.
- Medical or dental emergency.
- Unexpected home repairs.
- Car troubles.
- Unplanned travel expenses.
- Legal issues.
2 major benefits of having emergency money.
- It helps keep your stress level down.
It’s no surprise that when life presents an emergency, it threatens your financial well-being and causes stress. If you’re living without a safety net, you’re living on the “financial” edge—hoping to get by without running into a crisis. Being prepared with an emergency fund gives you confidence that you can tackle any of life’s unexpected events without adding money worries to your list. Continue reading