Building an emergency fund is a great way to protect against surprise expenses. No matter how well you do your budgeting, there are some events that you just can’t predict and this is where your emergency fund comes in.
Here are five surprise expenses that prove you need an emergency fund.
When you come home to a broken pipe and flooded kitchen you don’t have much choice but to get it repaired. Sometimes our houses need emergency repair work, and it’s an expense you just can’t avoid.
This is one of the most common expenses we face that you just can’t predict, and it’s always great to have an emergency fund to fall back on. If you are still short of money, then it’s a good idea to look at other ways of funding the repairs such as quick cash car title loans in Fort Worth.
There are lots of ways you can get the money you need, but it’s always best if you’ve got some savings stored up to help you out.
If your house is the most valuable thing you own, then your car is normally second. Just like your house though, your car can need repairs from time to time, and in some cases, they can be quite costly.
Your car is essential to your way of life though, and you need to be able to get it back on the road as quickly as possible. Without it, you can’t get to work to pay the bills for your repairs, so you need to find a solution.
An emergency fund will allow you to do this, and make sure you get back to normal life as quickly as possible
Your emergency fund isn’t just there for when things go wrong, they can also be there to help you celebrate the good things in life.
Weddings are one of the greatest things in life, but they can soon get very expensive. Whether you’re looking to help a loved one pay for their wedding, or you need to travel to attend a far-away event, your emergency fund can be there to help you.
We all hope to avoid illness and injury, but sometimes its inescapable. When it comes to medical emergencies our health is the most important thing, but the costs can seriously add up.
If you’ve got an emergency fund, then it can go some way to covering medical expenses and keeping you out of debt.
Sometimes the price of things just goes up and your income doesn’t increase to reflect this. It might not make a big difference in the short-term, but over the course of months and years it can make a big difference.
Having savings to fall back on in these circumstances can be a big help, and allow you time to increase your income or cut back on your expenses.