Good day, amazing people of the Hive Blockchain. Welcome back to my blog. It is another edition in the #indiaunited community. I am so delighted to participate in this week's prompt: what’s your plan for an emergency fund?
An emergency fund is very important; I call it money for rainy days. People fail to understand how important this emergency fund is; that is why they spend money without having any money saved in case of emergency. I have been in a situation where the only gate to that problem was the money I have in my emergency fund. In as much as I know that the country is very hard, I always push money to my emergency fund because life is unpredictable. I don’t know what life will turn into; that is why, no matter how small the money is, I will surely move some funds to my emergency account.
Life is one thing that is unpredictable. I got to understand the importance of an emergency fund when my dad was sick. In truth, I didn’t have any money saved in case of emergency, and during that period, I was seriously broke, to the point that there was no money in my accounts. I was lucky that I was able to borrow money from friends in order to save my dad.
After my dad's illness, that was when I realised how important an emergency fund is and the need for everyone to have this thing called emergency funds. Life is one thing that is not certain; that is why at some point in our lives we should save for rainy days because we can never tell when the storm of life can hit. That is why we must be guarded at every point in our lives.
What’s your plan for an emergency fund? Since I realise how important an emergency fund is, I make sure that I have some funds moved to my emergency account. I make sure that once my salary enters, I do the needful. My emergency fund is always fixed so that I will not have access to it no matter what happens; I can never withdraw the money.
There is one thing we fail to understand: there is this satisfaction I always have knowing fully well that I have some cash saved in my emergency accounts. One sweet thing about me is I always review the money I put into my emergency account every three months. For me to be able to achieve this emergency fund, I minimise the way I spend money on luxuries and spend on essentials.
An emergency fund is very important because it is a lifesaver. It is necessary that we should cultivate the habit of having an emergency fund.
This is my response to the weekly prompts on the #indiaunited topic: what’s your plan for an emergency fund?
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