Emergency funds is something every individual should have so has to tackle unexpected situations that can occur in a person's lifetime. Emergency funds can be seen as a personal savings that one has in an account or whatever means the individual chooses to keep their phones but the money is practically meant for emergency cases.
With the advent of technological advancement, emergency funds can easily be saved in financial institutions via mobile banking. For instance in Nigeria, there are several financial apps that are certified by the government and security bodies where people can save their money and even in interest on them. The cowrywise app has the emergency funds feature where people can save up money for distress times when you do not need to borrow or panic.
Simply put, and emergency fund is the money that you kept aside to meet certain emergencies that cannot be avoided. Examples of such emergency are medical bills, car repairs, family needs, job loss, surprise expenses etc.
Over the years, i realized that setting aside some money to meet setting expenses that are not called for has a way of reducing stress when these emergencies happen. One time, i remember when an opportunity came and my brother needed to travel for a program my Parents Are to start looking for where to borrow money and stuff like that. The stress was just too much going around and meeting people for help and in the long run accumulating debt.
Emergency funds reduces this stress and limits people from knowing too much especially your financial debt issues. Again, it is beneficial as it Helps you stay financially stable and allows for peace of mind.
In conclusion, having an emergency fund stashed somewhere doesn't necessarily has to start with big amount of money. As a beginner it can be as low as a thousand naira that you deposit daily, weekly or monthly depending on your capacity. There are several apps for this purpose such as cowrywise, piggy vest, kuda, afro invest, optimus and so on.
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What’s your plan for an emergency fund?”
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