Life happens... to everyone with no exception.
There are always unforeseen occurrences that require financial resources. It’s a reality. Unplanned circumstances happen and they can cause havoc to your finances.
Do you have cash that you can access quickly to cover for such eventualities?
For certain you've heard about it before...
An Emergency Fund is the most immediate and critical of savings objectives.
Saving for you Emergency Fund takes precedence over saving & stacking in precious metals.
Otherwise, you may find yourself liquidating part or all of your stack to cover an emergency need for funds.
Life happens and your emergency fund will help you to experience unforeseen circumstances without having to go into debt or access longer-term investments.
A common use for Emergency Funds is unexpected expenses such as major household repairs, car repairs and deductable for insurance car repairs, medical emergencies, sudden relocation, unexpected travel, and job loss.
Below is a table of how each age group responded to the survey question, “What situation or reason has made you use money from an emergency savings/fund?”
When Should You Use Your Emergency Fund?The purpose of an emergency fund is to prepare you for the unexpected, so you can never say with certainty when you will need to tap into those funds. However, your emergency fund is a last line of defense, and if you end up spending it on short-term expenses, you could find yourself facing financial obstacles when more severe emergencies occur.
That’s why it’s important to put serious thought into what you should address immediately and what you can pay for over time. If a repair doesn’t require immediate fixing, you might be able to adjust your monthly or weekly budget to find a solution rather than drain your emergency fund. Similarly, if taking public transportation to work means you can fold auto repairs into your normal budget rather than use your emergency savings, that might be a better option. It’s important you define “need” realistically. An enormous hole in your roof is precisely what your emergency fund is for — but remodeling your kitchen might not be. Soure Article: Survey Finds Most Common Reasons Americans Use Emergency Funds
Some statements in this article express a personal opinion and is not meant to be financial advice. I am not a financial adviser.
@silversaver888@silversaver888 is a proud member of #steemsilvergold1 troy ounce, .999 fine silver, hand poured by MK Barz
available from MK Barz and Bullion, click the link here. Use discount code: SSA10 to get a 10% discount for the Silver Saver Channel Bar.
Thanks for your support!
Thank you to the silver savers of steemit who have added the hand-poured Silver Saver Bar to their collection and stack. Do you have a Silver Saver Bar? Please let me know if you do the comment section below.
@silversaver888 is a proud member of #ladiesofssg4eva -a club comprised of the beautiful female stackers of SSG.Hugs and Kisses 🤗💕💋!!!!
