Benefits of emergency funds can not be overemphasized

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What is emergency funds? This is the funds you spend when you never planned for , a type of funds you spend without knowing you are going to spend it but because of the emergency that came up you just have to spend it

Have you be in a situation where you will needs funds that you have never planned for but because of emergency that set in you just have to use the money like. Imagine a situation where by you need some HBD or hive the safe your life or safe someone else. That is what we called emergency funds.

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You might be thinking why should you have emergency funds saved someone, but some of the reasons are.

  1. Not everyone will help you when you need funds it might not even be like you are saving a life it might be your business, now imagine you do not have emergency funds and there's a set back in your business or something you needed to spend money on as soon as you can, asking your friends won't solve any issues because they might also have a problem they needs to solve with their funds. This is one of the reasons i hadly even ask friends for support. Do not quotes me wrong I'm not saying that it's totally bad to ask your friend for support but I'm Only saying they might also be in need of money more than you do when you needed their help.

Most people get angry because they do not get support from friends and family but when they have money they also forget to have emergency funds but instead they spend lavishly.

We all know that emergency funds is immediate funds that is use to do one or two for instance your car broke down without giving a sign of warning. In this situation imagine you don't have emergency funds how will you leave this kind of situation?

People tends to think emergency funds is not really necessary because you might not needs it but believe me emergency funds is one of the funds we need to have anytime any day just in case, no one pray for bad things but in as much as we are living there will be challenges. And since we know this the best to do is to get ready for it by Saving money.

So in my own opinion it is good to cultivate the habit of emergency saving methods, let me give a last example of what I'm saying. Before now we have tends to know how to manage our electricity because must of us use technology in one way or the other for a means of survival. Not quite long our main electricity in our area broke down the funniest part is the generator we use to power up also got damage that same week now we needed to come online as soon as we can. We need some dollars to fix up solar installation because that is the only means of surviving and failure to do this in some hours we will loose alot online. In dollars we will need nothing less than 600 dollars to fix this since we only need to power up little gadgets. We are to get this money because of emergency savings now imagine we don't save.

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This is an absolute basic requirement for anyone with any financial savvy, and should frankly be the very first step in anyone's financial journey. A 6-month emergency fund (essentially the amount that you would typically spend on all expenses over the course of 6 months) should be put aside, and remain liquid and untouched for life. It's important to have this prior to investing any amount of money, because if, God forbid, there's some emergency or a loss of employment or finances, you will need liquid money that can be immediately used.

Thank you for putting this information out there. The basics of finance are the foundation upon which everything else is built. 😊

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Wow you have actually said it all , I'm glad to have you here thanks for stopping by 🤗

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Thanks for writing out this highly useful post! It's a very solid reminder, even to some experienced traders.

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Having emergency fund is really important. Thank you so much for reminding this to us. We have a very limited income but I always try to save some for emergency funds.

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Wow I'm glad you like my post and you find something meaningful to it . Thanks for stopping by

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Yeah, it's important. We don't know when it will need for.

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True you can't always ask money to lend on your friends because they might also have their own problems that's why saving is really important for us to have money in case of emergency.

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Exactly 💯, sometimes blaming our friends for not supporting us is not the best because we don't know what they are facing too.

Infact you have said it all thanks for stopping by

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Emergency funds are definitely necessary as we do not know when it will be needed. Having back up fund is always good.

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Yes Momo it's shouldn't be until we need it before we start saving, we should have it ready for any kind of emergency.

Thanks for stopping by 🤗

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Can we bring in the precautionary motive of holding money here too, I strongly think applying that we definitely help to solve lot of unexpected problem

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