Emergency Funds: Why you need one

No one prays for emergencies but they are part of the package called life. You might tick out all the dates on the calendar or have a mental picture of how every minute of your day should weave into a bouquet of bliss. But the universe might have something else planned. Don’t fret. Like said earlier, they are part of life and they can be managed. If it is a financial emergency, you’ve got emergency funds as a backup. What are emergency funds? Well, they are basically just some money you set aside (in a separate account) for emergencies. Why do you need one? Find your answers below

Job loss: People losing their jobs is a thing and what’s even scarier is that this is happening more often in this present time than it did some years back and we can blame the economic downturn for it. When this happens, those who have an emergency fund usually just fall back on it to make ends meet until they are back on their feet.

Medical bills: One minute you’re all giddy and in high spirits and the next minute, you’re down with a nasty cold that won’t allow you to lift a limb. You get the scenario, right? Unless the bones in your body have been replaced with bionics or you’ve got kryptonite flowing in your veins, then, you are bound to fall sick sometime. But when you do,  your emergency funds will be there to bail you out.

Home repairs: The way household items fall apart is really absurd. One day you just wake up to find that your toilet is overflowing or your pumping machine has packed up. Nobody budgets for these things but they just happen and the ability to have them replaced or repaired lies in whether or not you’ve got an emergency fund.

Emergency travels: Sometimes, you might need to travel for impromptu business meetings as a business owner or travel to sort out family issues as an individual. Just see emergency funds as a soft cushion to land on when you’re knocked off your feet by an unexpected financial crisis.

Basically, when you have an emergency fund, you’re prepared for just about anything. It can be quite humiliating to keep borrowing money from friends or even family to pay off bills. The Premier Saving Account is just the right thing you need to begin your journey towards peace of mind. Don’t say we never did anything for you.

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