Emergency Funds In The Finance World

in Project HOPE4 months ago

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Good evening to you all and how was your week going, I hope you get the very best out of this week and I wish you success in all that you do.

Today, I am going to be talking about one of the most important but ignored thing in Finance and Life as a whole.

I will assume you don't know about it though I believe you should.

So, here is our focus for today; Emergency Funds.

This is a special type of funds set aside to help in times of emergency just as the name depicts.

A lot of people don't pay attention to it and that is why they experience a lot of trauma when there is a major downsize in their life.

Life is full of ups and downs.

There are times of extreme highs and times of extreme lows.

What makes it possible to stay consistent is planning ahead.

You would have heard me talk planning and planning a lot of times and it has saved me lots of troubles all my life.

So, once you start earning, you should carve out a safety net for yourself and start saving there a percentage of your income.

You should under no circumstances except real emergency touch the funds.

This is not a fund to borrow someone, it is not the funds to use in fueling your car.

It is specifically for emergencies as the name depicts.

Here is a list of some Emergencies for people like myself.

  • My phone gets stolen/damaged.

  • I get sick.

  • I get involved in an accident.

You take out this money to only attend to extremely urgent issues that cannot be overlooked.

If I am hungry, I won't go to my emergency funds, I will rather go and work.

Having an Emergency fund will save you all the stress in this life and will prepare you for the down times.

Let's say you lose your job or your business crumbles.

Your emergency funds should be able to keep and sustain you for 3-6 months.

This will help you pick up again and get going in a proper way that you should and you won't have to go about begging to survive.

I don't want this to be too long.

I hope I was able to pass the message across and you learnt something.

If you did learn something, let me know.

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Emergency saving is something we should not overlook, looking at the time of corona virus this year, alot of people lose their job and many people business was down but if the fund exist, to a large extend it will help them.

Truly described these idea very well, emergency funds save us from running into debts when there is a problem.

Our wants and needs as humans will continue to grow with every passing minute, we however need to discipline ourselves to cut down on some of those needs and set them up for emergency cases .