Emergency Fund

Why is an emergency fund so important?

An emergency fund is so important because emergencies happen. It's something you don't expect at the worst possible time. You've heard the saying if something can go wrong it will. Well, it's not the best way to view the future but it is smart to generally prepare.  You can safely bet that something will happen at some point which will require a lump sum of money.  That's a part of life.  Begin saving immediately.

Spend or Save

Not being prepared for an emergency could mean the difference between affording food and being hungry. Having transportation and walking, having a roof and shelter and being homeless.

Don't put yourself in that kind of predicament and if you have a family, please don't.

Save your money, don't let your spouse talk you into spending those first checks just because you've climbed out of a hole. It may seem like it's time to do a little spending, but not so fast, if you don't have 6 months expenses minimum saved up and put away you need to keep on being cheap for a little while longer. (That's what the woman usually says)

Tell your spouse that you are thinking ahead and you want to protect your family from possible crisis by saving an emergency fund. Tell her you are being the man that she needs.

She will respect you for protecting your family and love you more (after the temper tantrum). And the family is better off.




The number on reason that couples divorce is due to financial problems. In my opinion, knowing this every couple should get financial counseling even before tying the knot just to get a reality check about their finances, their vision, and their goals.

(And so they don't throw away a bunch of money on a wedding when they could have taken care of some debt that is going to burden them)


Summary

(Remember: Emergencies or unexpected events is what most commonly sends families(especially single moms) into a downward spiral. Being prepared could mean the difference between a cycle of poverty and building a solid foundation for a bright future.)Please prepare.

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