Funds Management

I know of some persons who got as far as having 7-10 accounts and still broke. Makes me wonder why going through the stress when afterward the accounts become dormant.

Also know and heard of a few who got just one functioning account instead of the numerous like the others. However, in the end, they still end up complaining over having to touch funds and eventually become broke.

Image by freepik

That to say, the problem of being broke doesn't come from the number of accounts in one's possession but from how well it's managed instead.

For me, there was a certain time I locked a sum amount of money in the bank, although it was for a specific purpose, but the bottom line was it met the goal. And that also sits well in a matter regarding emergency funds.

The purpose of creating such an account is specifically for uncalled circumstances that often can't be predicted and happen mostly among families.

Imagine an average man whose earns are roughly $40-45 in a month which is approximately about 60-70 thousand naira in my country home, probably married with children, stocking foodstuffs by the end of every month would sure be a necessity other budgets which would last for all through the month.

If such a man decides not to or knows nothing about having an emergency account, it could be daring and risky and that's because any possible thing can happen along the line especially with children being involved.

Having an emergency funds account helps a lot, and one of its many benefits is the part that it saves one from going into debt when unpredictable occurrences shoot out, I believe the majority of us have at some point fallen into this category.
When we hear the statement. “Those who fail to plan, plan to fail” is certainly applicable to these faces. It's called Emergency for a purpose, to save one from running rounds when in great need and attending with immediate effect instead of begging for urgent 2k.

And in my opinion, I specifically support the idea of having emergency funds accounts. It's definitely of great help when in times of need, not just for you but for those around you too.
Also, they are people who are naturally bad spenders, so opening such an account would be of great benefit to them at the time a real deal comes through.