Hello community and friends ❤️!.
Emergency in literal meaning is something we never expected which can occur without premeditation because everyday brings new happenings snd some needs immediate attention.
And the question here is: “what is your plan for an emergency fund?
As humans we have plans for all that we want to do which we plan before hand to enable us carry it out in due cause. It could be birthdays 🥳, weddings 💒, graduation celebration 🎉 and even anniversaries. All this are preplan celebrations
But many of us do not plan for emergency because we do not expect them, although life is full of uncertainties, unforeseen circumstances which can occur at any time. And this is why emergency funds should be seen as important as our every other expenses we carry out in all the lined up activities we plan in life.
Frankly speaking, emergency 🆘 fund should be our number one (1) agenda in our “scale of preference” as we plan other expenses because as humans we have age of active service which is when we are strong to work and align things to be in order to be able to help ourselves and have something to fail back to in tines of emergency 🆘.
I know of a man who is into transportation business. In fact he does private services of charters from people when he purchased the car. And was really making money 💰 because he started looking better before he purchased the vehicle 🚗 and the family too. But car 🚘 being ware and tear, needs maintenance or should be changed after some years since its a service car. To my utmost surprise after two years, the car deprecated ⛔️ and started giving him lots of trouble. His next option was to dispose the car and has nothing to fail back to. His children could not even continue schooling for almost one (1). They hardly was able to feed. # “This is why emergency fund is very important “.
PLANS FOR EMERGENCY FUND
AIMS AND OBJECTIVES:
First and foremost, we need to set out our objectives on what we want to save money 💰for because everyone has their channel of this is why I want to save up some money for incase of emergency. I might be a civil servant, and might be planing to go into business later in life.
COMMENCE SAVINGS:
This is where we need to be very serious because when we plan saving, we should first consider how we want to do it. As workers or business person, what are our monthly earnings? How much do we want to save since we have other expenses at the end of the month.
PRIORITIES:
We have needs that are priorities at the end of every month. We should cut out some wants and just keep to our needs so that we can be able to save as constantly as possible because consistency is the key 🔑 to achieving every set out objectives. If we don’t draw a “ scale of preference”, that is the things that are important to buy, we can end up dipping hands into the planed fund for saving if we don’t plan properly or prioritize .
PRESSURE:
This is a very important issue when it comes to emergency fund. Pressure can sometimes push us to either take some money 💰 from emergency fund savings, but we should always consider first how important is the need and not want. We should also know if the budget for this pressure need will affect the emergency fund or it a budget we can easily replace while also saving the mapped out potion for every month.
In conclusion, emergency fund should be what we must have planned that will not over stress us since its a gradual savings for unforeseen circumstances that can arise at any time hence it’s called emergency 🚨. Here we need to also be disciplined to avoid tempering with the money saved or not being able to consistently save up as planned.
This is my entry for #indiaunited weekly contest.
Thanks for reading friends ❤️😇
Sourced photos has been credited
