Hey girl, hey!
As we grow older, we sometimes learn the hard way that life doesn't always run so smoothly. It has peaks and valley's, and it doesn’t always move forward in the way that we hope. But the crazy thing is, most of us don’t even think about the financial curve balls life can throw our way. And it’s also why most of us don’t think about opening and maintaining an emergency savings account.
It's a well-known fact that life can be completely and utterly unexpected. I mean... you could be happy in your job one day, and the next (poof!) not have a job at all. Would you be able to financially survive that scenario? Not unless you have an emergency fund to see you through, girlfriend. Or imagine this... you could be happily driving to work, minding your own business, then bang – an accident happens outta nowhere, and you’re laid up and injured. It’s not the way anyone wants to think, but when you’re sitting around with your legs in a cast trying to get hold of your accident lawyer, you’ll be wishing you had an emergency fund to keep you afloat. To be quite frank, the last thing you want is to end up drowning in debt, or relying on others to support you while you recover from an accident, job loss or any other unexpected event that could cost you big bucks. So today girlfriend, let's discuss four reasons why you should really look into starting an emergency savings account... like asap. Let's chat!
When you’re relying on your own income and no one else to pay your rent and bills, it’s absolutely essential to have an emergency fund to back you up. You should try to gather at least six months of expenses as fast as possible to support you when things go south.
Being self-employed means that you have to rely on yourself to work. If you’re sick, you don’t earn anything. If you’re injured, there’s a chance you won’t be able to work. So you have to be able to support yourself when times are hard. Start a budget to keep track of your spending and expenses, then save as much as you can... whenever you can.
When you’re a homeowner, you’re accountable for repairs and insurance. Having an emergency pot of cash will be a blessing when your AC or heater decides to clock out at the least convenient time. RELATED: 6 Secrets Every Single Woman Homebuyer Should Know!
If you live far away from your family, it's pretty much necessary to have a bank of cash ready to go just in case of family emergencies for travel and accommodation. If, god-forbid, anything happens to any of your loved ones, you'll want to make sure you're able to get back home in times of an unfortunate event.
While these aren’t exhaustive reasons to have an emergency fund, they’re all the best reasons to ensure that you’re covered. Plus, keep in mind that an emergency savings should be separate from regular savings, too, so you don’t get tempted! Plus, keep in mind that more than half of Americans (57% to be exact) have less than $1000 saved in a savings account and what's worse... 39% of no savings at all (like zero, zip, zilch)! So don't find yourself falling into a statistic girlfriend - discover ways to begin saving now... and I guarantee your future self will thank you for it! What are you thoughts on this post? Drop a line below and let's chat! Until Next Time, Elle