Greetings!
I have a lifestyle where borrowing is a no-go area. I frown upon it so much because I dislike the feeling of going to a friend and getting turned down, whether they have the means to help or not. That's why I always prefer to save up, no matter how little it is. I prefer to foot my bills with my savings rather than borrow. I know there's nothing inherently wrong with borrowing, but I dread it so much that I always keep something in reserve. The only time I consider borrowing is when the funds needed to solve an emergency case aren't enough, and it happens in a very impromptu manner. Then, I rally around to get a little help from friends to top it up.
The importance of saving for an emergency fund can never be overemphasized as far as I'm concerned. Having the funds to cater to any emergency without calling friends or family is a big relief. Imagine if one falls sick and has no money to buy drugs or pay hospital bills, and instead of treating oneself, one starts calling friends for help. Come on, it doesn't sound right. At least before people come and help you, give yourself some help first.
My Method of Saving for Emergencies
As we all know, the economy is very tough, and it's incredibly hard to save a good sum of money for future problems, especially when someone is not earning much. This is currently where I stand. The cost of living is very high, and I don't have the capacity to save large amounts for emergencies. Instead, I make sure not to deplete my account entirely. I always think that if my account is empty and a problem arises, how am I going to handle it? So my method of saving for emergencies is to never allow my account to be empty. The emptiness here doesn't mean the account will be totally empty; no, there's a certain amount that I wouldn't let it drop below. It's an amount that I know could cater to an issue to a good extent before I dip into other funds meant for something else.
I remember some weeks back, one morning I noticed that my cooking gas was leaking, and that's something I couldn't continue to risk because I have a lot of valuables in my house. When I checked my account, the money there was not going to match up with the amount needed. So I had to borrow a little from friends to top it up. Imagine if I had nothing at all; it would have been really messy for me.
Thanks for reading.
This is my response to Indiaunited prompt. Read about it here
Photo is mine