The Importance of Having & Maintaining an EMERGENCY FUND

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Stop failing to plan for life’s emergencies.

Have you ever noticed that life always happens when you least expect it. The tire get a flat, the dryer goes out, they cut your hours or your commissions at work, and the list goes on and on. One thing is for certain…we’re all going to have emergencies that come up when we least expect it. If it hasn’t happened to you yet, count yourself very fortunate. There can be so many unexpected expenses that happen every month that we failed to plan for in advance, and that cause us to go running looking for a solution to. Let’s get this out of the way at the onset, we’re not talking about retirement money, 401K’s, stocks, and other monies that may be tied up and not easily accessible. We’re talking out cold hard cash that you might need.

Just stop and think for one moment. How many unexpected occurences have this had this week…this month…this year? You get the point, but how do you deal with them when they happen is often linked to how proactive you have been in advance. Most people don’t plan to fail, they fail to plan and this also affects us when it comes to being prepared for life’s emergencies. For an example there are things that we often forget to budget for like: regular maintenance on the your vehicle, oil changes, air filters, tires that have flats, engine repairs, etc…and this is just relating to your car(s). What about the ac going out in the middle of the summer on your home, kids school trips, etc? You know what your friend says…”If it can go wrong, it will go wrong”-Murphy’s Law. This is not being pessimistic, just impressing the need to develop a sense of urgency when it comes to developing and maintaining our emergency funds!  

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All of these things should make you appreciate the importance of that emergency fund. But unfortunately, most people working today still haven’t seen the importance of establishing an emergency fund. There are many things you can do to establish one with a little effort.

Here are a few things that you could do to make it happen right away:

  1. “Prepare for your day before going out so that you aren’t spending unnecessary money on sodas, chips, lunches, snacks, etc”- contributed by Teresa Long. This tip alone could help you develop a $1000 Emergency Fund in a few months. Ultimately you want to increase the amount to cover 3-6 months of your living expenses. This will also help you sleep better at night. 🙂
  2. Increase your income and decrease your spending on everything. Sacrifice now for a more secure later. “Don’t buy it if you don’t need it” says Karen Winkis.
  3. Review: 7 Ways to Save Money On Monthly Expenses
  4. Review: 41 Cool Ways to Save Money On Your Monthly Expenses
  5. Consider a “side hustle”.. Uber, Lyft, even start selling online: 5 Reasons EVERYONE Should Learn to Sell on Ebay
  6. Cut your grocery bill by reading / implementing: 29 Ways to Cut your Bill at the Grocery Store

So do whatever you have to do make it happen as quickly as possible.  You’ll be the winner, you’ll feel better and it will get you on the right financial track. “See you at the top”- Zig Ziglar

What are you doing to achieve your emergency fund goals quickly? Leave us some comments below.

Think of all the money that you can save with these money-saving tips. If this or any of the other information helped you in ANY WAY, please take a minute to (1) LIKE US on Facebook  & (2) Subscribe to Our MoneySavingTipz  YOUTUBE CHANNEL . Please use our (3) Amazon Affiliate Link…Click Here to help support this blog. SHARE THIS POST WITH YOUR FRIENDS SO THAT THEY CAN SAVE MONEY TOO. 🙂

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