Setting up an emergency fund can save your life.
These days, people are becoming intentional about their savings and investments. You do not need to be told to invest in a viable business or save up for a project because now, people are becoming more aware of the advantages of saving and investing. But how many people save for an emergency?
Let's be very realistic here, there are unplanned things that just happens and requires quick attention. This is where so many people miss it and start running helter skelter for funds when they should have planned for it. Emergencies are unforseen circumstances that may arise at any time. Setting aside some amount of money to settle these emergencies is what I call emergency funds. When you have some funds strictly for emergencies, you discover that you save yourself the stress of panicking and calling other people to help you.
Someone like me, I use my #HBD as my emergency fund source. Whenever I need sharp sharp money, I hurriedly come here and do my transaction peacefully and voila, I am off to solve my problem. I do not have that strength to be calling family and friends to beg anyone for anything at all. Begging is not my lifestyle at all. The fact that after explaining your predicament to someone, and the person tells you they cannot assist scares me a big deal.
So if by now, you haven't started keeping some money for emergencies, then you should to save yourself some embarrassment. Nobody plans for bad things to happen but you may wake up one day and be down in health, or even have need to refill your cooking gas or buy petrol for your car. All these little things we don't budget for may just be what makes us turn to beggars to fix them immediately.
If you haven't started budgeting for emergencies, then this is the right time to do so. You could plan it by setting aside a particular percentage from your income every week or month as you can afford. Just make sure you do.
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Ma, I am someone like you. I hate to be disappointed and I don´t like begging even from my family. This is why I started saving for emergencies and to God be the glory, it has been helping me meet my needs. Saving for emergencies is a grat decision to take so as to avoid getting disappointed.
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Well said dear. Some people will listen to your story and still mock you on top. I hate nonsense in my life😂... I rather save my two cents that beg.
Thank you for reading
I ran out of my emergency fund so I had to take loan out!
So sorry about that. I understand that sometimes what we plan may not work the way we planned it.
No need to beat yourself up. It is fine
Saving for a business is important, but saving for an emergency is vital-- it can happen suddenly, and payment for services rendered is expected immediately.
We all have our own idea for setting up an emergency fund. One extra way to accelerate it is to save spare change. It may not seem like much, but it's surprising how much is collected after 1 year.
A few years ago I had saved spare change for 1 year. 12 months after I started, I had about USD 600 in small coin denominations (1c, 5c, 25c, and 50c). Spare change also includes main currency units, so I had also saved another USD 600 in dollar coins. USD 1200 is nothing to sneeze at even in today's inflationary environment.
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I didn't think in this direction. I honestly agree with you here. Maybe I will start working with this pattern too.
Thanks for sharing
Good luck in your savings. I hope you end up with similar results or even better!
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