If you’ve got a little bit of cash left over at the end of each month then it can be a great idea to put it into an emergency fund. This fund is there when you need it and can help you out in lots of different situations.
Car Repairs
We rely so much on our cars, and if for some reason they’re not working then it can cause big problems. For the most part our cars get us from point a to point b without any problems, but sometimes they do break down and it can be costly.
The problem with your car breaking down is you need it to get to work to earn the money to pay for the repairs, so it can be an issue. This is why having an emergency fund you can dip into can be a huge help and allow you to get back to work immediately.
House Repairs
Our houses are our pride and joy, but they do need money spending on them every once in a while. General wear and tear happen and you can plan for, but sometimes something goes wrong that you just didn’t expect.
When this happens, it can be difficult to come up with the money you need to get the problem sorted. However, if you’re putting money into an emergency fund each month, then you’ve got something to fall back on.
Of course, you do have other options for getting hold of money such as effective car title loans in Altamonte Springs, but an emergency fund is a great first options.
Legal Issues
Another time when it can really pay to have a pot of money saved up for an emergency is when you face legal issues. While in certain situations a lawyer can be provided for you, there are lots of other times when this isn’t the case.
In civil suits you still need a lawyer to protect your rights, but sometimes it’s going to have to come out of your pocket. If you’ve got a little bit of money saved up then this greatly increases your options.
Medical Expenses
You never know when you might need medical care, and sometimes this can result in a big bill. If you’ve got money saved up, then it can at least go some way to helping you cover the costs, and to helping you get back on your feet.
Your health is the most important thing, and a little money saved up can make all the difference. If you’re missing work to recover, then at least you know you’ve got the emergency fund to take care of you for a while.
Family Occasions
Ok, so this one isn’t an emergency, but it is something you might want to use your emergency fund for. Say you have family members getting married somewhere across the country, or a family member has a big birthday.
You want to be there, and your emergency fund can make sure you are.