Life is not a bed filled with roses, it is a place where challenges and unforeseen circumstances are bound to arise, sometimes we are prepared and the other times we are caught both unaware and off guard, how well are we prepared for these unforeseen circumstances should be the first question asked to ourselves, we are all humans and we are the best definition of imperfect beings, we can only make lemonade from the lemon life gives us, hoping for something better along the journey…
The best way to make life a little bit easier and more fulfilling is by having countless back up plans, if plan A fails, I switch to plan B, if plan B also fails, I automatically switch to plan C, if plan C also ends up failing, I then switch up to plan X and step up my game in X folds. This is to tell you how well one needs to be prepared in tackling most life challenges if not all, I learned this from the best…
Growing up with my parents made me realize how important it is to prepare for the future and some emergency situations, challenges involving finances is one of the constant challenges every human out there faces. Emergency situations call for emergency funds, I knew how important emergency funds are and that is why my life’s earnings, especially my earnings from the virtual world are partially allocated to emergencies and are stored separately from other funds…
I have always been a step ahead of life in many ways, and all this started many years ago, that should be in my juniors secondary school days to be precise. I have understood life to an extent and i am still in the process of understanding more, having emergency funds for emergencies is one of the things i have learned from my parents and life itself…
Emergency funds are lifesaver funds, they are funds set aside to counter and combat unforeseen circumstances and challenges. Setting aside some funds from one’s earnings for emergencies is important and also a big deal, it helps to counter some monetary problems in life some time in the future or when emergencies arise…
MY PLAN FOR EMERGENCY FUNDS…
Ever since i came to know and understand the importance of setting aside some emergency funds, i have always felt the needs to be prepared at all times, my plan for emergency fund has been different from day one, the one for high school is different from the one for life after college…
Physical challenges require physical preparation, same way emergency funds require setting aside some cash from one’s earnings. Emergency fund is set to come in handy during emergencies, it has come through for me countless times, especially last year, which makes emergency fund a very important and necessary…
MY EMERGENCY FUND STRATEGY…
My emergency funds strategy has always been 50:25:25, fifty percent of earnings goes to savings, 25 percent goes to weekly and monthly expenses, and the last 25 percent goes to EMERGENCY FUND SAVINGS…
This has been my strategy since high school and even after high school I haven’t deviated from it. I joined hive two years ago and it’s been the same for me…
50 percent of my earnings automatically goes to hive power and the remaining 50 percent goes to liquid HBD, out of my 50 percent liquid HBD, 25 percent is saved for 20 percent APR and the other 25 percent is spent on my weekly expenses. The 25 percent saved in my hbd savings is my EMERGENCY FUND, this fund has been helping since I inculcated it…
In summary, setting aside some of emergency fund shouldn’t be done partially, it should be taken seriously and in all forms of dedication and commitment. Preparing and planning ahead of time is the best approach to achieving a sustainable result, and setting aside an emergency fund is the first step towards achieving that success…
In conclusion, this is my entry to the indiaunited weekly prompt titled emergency fund, the prompt is on and you should join in this week, it ends in 4 days…
NB; the unsourced images are owned…
THANKS FOR READING…