Talking about emergency funds is nice to discuss and plan but one thing stands out and that is if the recurrent expenses aren't adequately met, how does one start planning for an emergency? Navigating our economic lives around on a daily basis these days has not been easy. Some people can just make up sweet stories to submit for the entry when in reality they are not living such lives in reality. So, how do one start making plans for an emergency funds in a country like Nigeria in which inflation has killed the entire economic system such that daily feeding of the children isn't easy to come by.
Handling The Regular
There are regular expenses. Expenses which can't be pushed aside. Expenses which must be met on a daily basis. How will you ignore the children’s breakfast and dinner and start heaping the little fun you have for an emergency? Would you refuse to pay their school fees and send them to school just because you are planning for emergency funds? What about the regular maintenance at home and paying bills? Considering all these, I would rather plan on how to be able to meet up with the regular financial demands and have peace from financial worries and frustration.
Exploring Ways To Increase Income
The problem before me is how to increase my earnings. What I need is an increase in income. When that is achieved, I could be able to plan on building up savings to answer emergencies.
To increase my earnings, I bring in more ideas and concepts into my business. I seek out ways of winning more patronage. I explore new ideas and approaches that will improve my income.
Also, I break up new grounds. By this I mean that I open new lines of businesses and upgrade my business engagements.
Savings Is Good
The only plan which I know about emergency funds is making appropriate savings. One saves out of what he or she is earning so that he or she will be able to lay hands on it when emergency comes. Among us in the community where we live together, we have contributions and thrifts. Those thrifts help us raise funds when we have emergencies. We cluster into small groups and contribute the money to members in turn. There are also what we call cooperative societies.
This post is my entry for the #iucontest week 16