Good day, amazing people of the hive block chain. Welcome back to my blog. This is another edition of the #indiaunited community. I am so glad to participate in this week's content. Topic: Emergency Fund.
Life is one thing we can’t predict at all. It is very important for us to save money for emergencies. I understand that the country is hard. It is very hard to save up money for emergencies.
An emergency fund can be simply defined as a process of saving up some money in case a situation arises that needs urgent attention. I never knew the importance of the emergency fund until 2008, when my dad was seriously ill. At that moment, I didn’t have any money to take him to the hospital. My siblings were expecting me to bring out money for my dad's treatment, but I didn’t have any cash with me.
My boyfriend was very mad at me that I don’t have an account where I save money for emergencies. After that incident, I had to open an emergency account that I fund every month.
It is very necessary that one have an emergency fund in case of an unexpected incident. Rather than borrowing or taking a loan from the bank, your emergency fund can go a long way. I call it the Emergency Funding Rainy Day Fund.
My plans for emergency funding.
After that experience in the year 2008, I realised the importance of an emergency fund. As a working-class lady, I earn on a monthly basis. I have a particular amount I put in my emergency fund. When I receive my salary, I put it there. I disciplined myself to the point that no matter what happened, I would most likely fund my emergency fund. For you to see how important my emergency fund is to me, I don’t have a debit card, nor do I have an app for the account. All I know is to put one in the account, and they will send an SMS for me.
I buy shares from the bank; it always helps me when I have an emergency. I can easily sell off the shares, and I will make double the price of the shares I bought.
I buy gold accessories and sell it when I have an emergency; it is an easy way to source emergency funds if there is an emergency. You can get more than the money you spend on the gold. Getting a valuable source is a way for me to say goodbye to emergencies.
This is one of my few strategies for overcoming emergency funds. It is not easy, but we need to save up in case of emergencies.
Important of emergency fund.
It helps to control unnecessary spending since, since I started saving up money for emergencies, I only buy things that are necessary or things that I will benefit from in the future.
It helps me live on budget. My salary is coming, and I have already budgeted how I will use my money.
There are thousands of reasons why one needs an emergency fund; this fund really helps, if I may say so.
This is the new strategy for how I am able to plan my emergency funding. I hope I am helping someone today.
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