We all know how inflation has damaged financial economy of the nations and even personal economy of individuals but nevertheless no matter what it is necessary to have emergency funds. We don't pray to losing our job or getting ill, yet as long as we are alive such things are prone to occur.
Just as the name implies Emergency funds is a saving account put up for unforeseen circumstances. It is crucial to have an emergency fund since it will stop you getting into debt or having to liquidate your assets such as stock or property when financial troubles crops up.
Financial Security:
Having your emergency fund offers you a feeling of financial security and fewer anxieties when an unforeseen issue comes.
Even before the unexpected situation comes up you will have peace of mind knowing you have money stored up someplace to fall back in case of necessity.
Even anxieties about how to solve such difficulties might generate further problems psychologically and physically wise that were not there before.
Avoid Selling Assets:
Have you ever been in a circumstance where you have to sell any of your assets only to solve an issue that wasn't prepared for?
That's why Emergency fund is needed. It may assist you to avoid selling assets such as stock or property at a wrong moment for an unforeseen circumstances.
Avoid Debts:
Emergency Funds will avoid you getting into debt or having to accept loans with high interest to pay for unforeseen needs. It makes it easier to generate high credit ratings and even lets you be eligible for loans in the future which can be utilized for more important reasons.
Flexible:
Emergency fund offers you the financial flexibility to take advantage of new chances that may occur, such as a new career or investment prospects if you lost your job and seeking for alternative sources of income.
Makes you Prepared:
Why we pray for good things to occur we should also anticipate the worst. Having emergency fund helps you stay prepared for unforeseen circumstances like job loss, medical emergency, home repair, loss of someone. It helps you handle them with ease.
Preserve your lifestyle:
When someone drops his or her work his financial life may certainly cripple if he doesn't save but an emergency fund may help you maintain your existing lifestyle and prevent having to make radical adjustments in the case of a financial disaster.
Emergency funds are separate from children tuition, groceries or meals for the family. These critical items should be included in your financial plan and not emergency fund.
N/B: Emergency grants are exclusively for unforeseen circumstances.
Thank you for reading
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Often one finds himself in an emergency case without any sign that a crisis would appear and it happens in ways totally unpredictable, so in times showing that all French solid industries have been sold are sold public and private, that the virtualization towards the new world is a real and huge BIG mess, five months to declare a lost ID card or passport, that employees, doctors, teachers, professors are already replaced without having the proper replacements people or machine we don't know yet but certainly without vocations. All apart from sub-contractors like some Mac Kinsey advocating for full employment? we were far even during the 40 glorious. And nos these cabinets paid by billions like Mac Kinsey are advocating an AI that is consuming us french people and all over the world in the most sleazy traitor ways one can think of, stealing our data, business or else, information social and private and intellectual properties. Now they are telling us because they are mafias and criminals that they will make perishable money with monthly validity. WTH? And that the French population is responsible for these mafias governing and dealing with all criminal activities, telling the French are lazy and assisted. I was poisoned and vomited quite a few times, and I don't complain if I throw up and even less if I am about to!
So sad
I'm sorry about everything am sure you will come back stronger and better
Come back is about 68 million of french people coming back to decency by getting ready for worse times than ever in France organised internationally and getting rid of the pimps of the planet. Lucky to have family and close friends, a roof and food and am ready in case of emergency and not only with funds but also among other flour, sugar and oil, we made lists just in case and I'm afraid the lists are long. Don't be sad even if it is, they'll get back what they've given, that's a fact based on their misdeeds for the past 20 years or so.
I'm glad you have good friends and lovely family and all the necessarily of life. At least you are better than some people out there
Thanks very useful @graciousvic , best!
You're welcome dear friend
The first thing to do is definitely avoid debts or, if they have any, aim to pay them off.
Having an emergency fund is very important.
Taking care of investments is certainly important for the future but equally important is taking care of savings... having a reserve can also prove to be fundamental in the present 😉
Exactly
But i think as a debtor you won't have peace of mind. I have been there before when i borrowed money to invest in a scam project.
Thank God i paid off and am free now
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