How To Use or Implement Your Emergency Fund.


Remember, when you car breaks or when your equipment breaks and you need to fix it immediately for work or daily function. And, you do not have enough money to cash flow it. What happens next, you start digging into your emergency fund, if you have one. If, you do not have an emergency fund, please start one today. It will help you feel protected and get ready for recession. What is an emergency fund? It is the money you have saved for any unexpected cost that destroy your monthly budget. These can be emergency room trip to the hospital, buying a new tire for your car and buying a medication for your child. Most people are only a few crisis away from filing a bankruptcy due to their inability to handle and manage money. We should not let life happen to us instead we should manage life and handle any issue that arises. A job layoff can cause crisis that requires the emergency fund. The emergency fund will help to keep light on, keep food on the table, and start looking for the next job. On the other hand, we cannot use the emergency fund to buy things, not consider as an emergency repairs. Using your emergency fund to buy snacks, eating out, dishing and wining your friends are not the proper use for this fund. Buying new stuff is good, but I do not think you should sacrifice your future or wealth for new scent. It is essential to know that the crisis is urgent before spending your emergency fund on it. If your water heater or AC breaks in your house. You can be able to fix them without stressing yourself about things. Remember, you are the captain of your life and only you can plan for your life.

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