Why do you need an Emergency Fund?
I’m sure by now, you would’ve heard about the Emergency fund. If not, check out my last post, discussing the What, Why, How, When of the Emergency fund.
The reason this post had to be penned is we all might be aware of Emergency Fund, but have you acted upon creating it? Are you taking any emergency seriously? It can knock anyone anytime and it is always wise to have sufficient savings to pay for the unexpected expenses. In the absence of sufficient savings (in an Emergency Fund), you’re sure to get trapped in the stress of taking loans, or use credit cards, or withdraw your high interest yielding savings.
So, here are 5 reasons why you need an Emergency Fund:
1. Medical Emergency:
In this post, I had shared how a friend of mine confessed to taking a loan to cover a sudden medical emergency. Even if you’re healthy (you feel so), any medical…