Have you and your spouse been considering getting an emergency fund started but simply never got around to it? DO you have good intentions that never seem to materialize? If so, I feel your pain. It can be difficult to get an emergency started when you’re living paycheck to paycheck. However, it is extremely important that you start putting your family first. It is time for you to step up to the plate and fund that fund. In this article, I’m going to show you 3 reasons you must get that emergency fund started. Let’s begin.
You need an emergency fund to give you peace of mind. Having money that you can rely on for a rainy day just makes you feel financially secure and better about your current financial situation. Knowing that you’ve put something aside in case you need it, just feels good.
You need an emergency fund to cover everyday problems. In life, there are going to be ups and downs. Your car is going to break down; you’re going to need to replace something at one time or another. Therefore, if you have an emergency fund in place, you’ll be well prepared for these emergencies that we call life. Not only will this give you peace of mind but it will provide you with the financial backing to help you cover these everyday problems when they occur.
You need an emergency fund to cover unforeseen medical costs. Although we all think we’re healthy, there’s simply no getting around it, people get sick and accidents happen all the time. Therefore, it just makes sense to get prepared now. By having an emergency fund, you can cover unforeseen medical costs and won’t feel as stressed if you have to take time off from work because you or your spouse is ill.
You need an emergency fund to cover expenses if you or spouse loses your job. Although no one wants to think about losing their job, it can happen at one time or another. Plus, with today’s economy and companies laying off folks left and right, it just makes sense to be prepared. Therefore, if you set up an emergency fund you will be better prepared to handle a lay off.
In conclusion, it would be nice to think that we live in a world where there are no problems or situations that cause us to need an emergency savings but this is simply not the case. In most cases, you will need to dip into your emergency fund at one time or another and it just makes sense to be prepared in case you do. After all, peace of mind and financial security are great assets to have, whether you’re single or married.