Life is so good at hitting us when we least expect it. It takes pleasure in catching us unawares, throwing curveballs at us when we least expect it or see it coming. However, over the years I have had my emergency funds to help me cope with life unpredictability. For those of you wondering what an emergency fund is, it is an amount of money kept aside strictly for emergencies. This money is kept and saved over the years in case of unforeseen circumstances that require immediate funds and attention.
Emergency funds have helped me live a stress free life financially over the years. Life can no longer catch me unfresh or rather unprepared. These funds I must say have been a life saver to me in times where I was in a tight corner or difficult situation that required me to act quickly and with immediate alacrity. The benefits of having an emergency fund are too many to mention. Other than living a stress free life, it helps you stay ahead in life. While others are sinking, or running into money problems, trying to gather up money to pay for either that medical bill, travel fee or in times of unemployment, you already have some set aside, strictly for such purposes. It has also helped me make the best decisions financially. Not being under any pressure or tension allows your brain and mind to work at full capacity.
Some might think of it as a waste of resources But I'll tell you, emergency funds will give you that stability and peace of mind you never knew you needed.
Developing an emergency fund is the first step to living a stress free life. The first thing I did while trying to build my emergency funds was to first get rid of all debts I was in. I cleared my debts, paid who I was supposed to pay and started on a clean slate.
Secondly I opened a savings account strictly for such purpose and resulted in saving weekly. Every week, I would keep some little money aside and be consistent with it. I fixed a specific time within the week where I would deposit into it and made it automatic. This helped on days where I was so busy and stressed out that I would forget. The account would automatically debit a fixed amount I had set for such purpose
And lastly, I trimmed down on my spending. I managed whatever money I had in my hands with the mindset of saving for the rainy days. This helped me a lot especially in cases where I would receive a huge amount of money than usual. Rather than spending it all. I would put out some aside for savings.
And today, I can proudly boast and say that come what may, life can throw at me, I am definitely prepared and ready to face it head on. Like they say, Failure to prepare is preparation to fail. And my advice to young people out there is, save for the rainy day, have an emergency fund that is easily accessible to you when you need to use it.