Home Family Lifestyle Five reasons to start an emergency fund - Beth Owen

Five reasons to start an emergency fund – Beth Owen

How often do emergencies happen? Hopefully, not too often in your life; Nobody likes to consider bad scenarios happening to them. If an emergency happens and you don’t prepare for it, you’ll be left – and you don’t want it to happen. People often don’t prepare for the worst, because no one wants to think about the worst.

However, emergencies do happen, and they happen when you least expect it. The best you can do is be financially ready – in any situation. If there is a house fire, you want to be able to afford repairs and rent elsewhere. If there is a flood, you need to know you can Replace electricity in your home when they are affected by it. The failure of emergency preparedness is much worse than you might imagine, which is why you need to start devoting some emergency savings. So with that in mind, here are five reasons you should consider starting pot today.

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  1. The boiler is broken. Wherever you are in the world, if you have a boiler, you need it to work. Hot water is needed to wash you, your clothes and your dishes, and you should also have proper heating to keep you and your children warm. If the boiler is damaged, you can compare Boxing boiler prices to get the right price, but if your emergency fund pot is empty, what can you do? You need to be able to replace a boiler in the short term, so that’s our number one reason for emergency funding.

  2. You have lost your job. While it’s good to rely on your income, you can always be found out if you lose your job because of excess. The world is in chaos, and without your job you will struggle to keep your roof and the bills paid. You need an urgent backup.

  3. You have been admitted to the hospital. Rarely anyone intend to stay in the hospital. If you have surgery and you need medical attention, you need to pay for it in some parts of the world. If you are lucky enough not to pay for medical care, but you lost a tooth and you need dental care? Well, you need an emergency fund for that.

  4. You are self-employed. Working for yourself is a dream, but if you don’t get the full contract, you may find yourself lacking. Your emergency fund may pay you for those cases. Self-employment is something everyone aspires to do, but if you don’t cover your expenses with a six-month backup, you’ll lose more than just a job.

  5. You need to move – right now. Usually, a move is planned many months in advance. If you make sure you can afford it, you can move into a new home if you get into a situation – like a fire or a flood that requires you to reclaim everything. The clean up after moving can be expensive!



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