When disaster strikes, no one expects it. You can get blown away by an emergency and if you haven’t prepared for something like this to happen in advance, you can be in big trouble. So many people are having a hard time just making ends meet today; it’s hard to imagine we’d have a penny to set aside.
If you don’t start setting money aside right now, even when you’re struggling, you could end up getting a big shock if something happens tomorrow, next week or even next year. It’s hard to think about your family losing everything and having nowhere to turn for help.
Unfortunately, with the economy tanking like it has been, this is a reality for many people. They’ve lost their jobs, their good credit ratings, and their ability to borrow money if they need to, even in an emergency. When this happens, a family can be ruined forever by unexpected circumstances.
When your friends and family are in the same boat economically, you may have absolutely no one to turn to in the event of an emergency. This is why having adequate emergency funds is imperative for every family in the world. We just never know what’s around the bend.
Put whatever little bit you can aside, each and every time you get money. Over time, this will add up. Just make sure not to borrow from your emergency funds if it’s not really an emergency. You don’t want to be left stranded somewhere because you decided to buy a new TV or something frivolous.
The importance of an emergency fund is unprecedented. When Mother Nature strikes or accidents happen, you can’t turn back the clock. Make sure, today that your family is protected for tomorrow by establishing an emergency fund with whatever money you can.
One of the basic financial planning steps that you should plan for is to make sure that you have sufficient emergency funds reserved for the worst.