If you are reading a fair amount of personal finance blogs, you are readily aware of the importance of having an emergency fund. And for those of you that have a “fully funded” EF, hats off to you!
This post is as much of a reminder for myself as it is for you. Emergency funds are important and you need that extra financial cushion should the proverbial sky fall when you least expect it.
Expletive happens, or a more ladylike way of saying it is “Situations will arise”. Situations such as:
- Car problems
- Unforeseen medical treatments
- Vet bills
- Problems with your paycheck that result in delay of funds which could cause you to be short on other bills
On and on and on…right?
Especially with our economy not quite on the straight and narrow, and with the holiday season bearing down upon us, it’s important to remember to keep funding that emergency fund. If times are already tough, set aside what you can. Even if all you can contribute is $5 a week, keep at it. That money will add up over time, and you’ll be glad you set aside that coinage.
Like I said, I need the reminder just like everyone else does.
Save that dough! 🙂
True story, Mackenzie….nothing like an emergency (like, oh…say a cat that racked up a $400 vet bill) to impress the need to have an emergency fund. You never need one, until….you need one. 😉 Thanks for the reminder!
Yup! I’ve been there too with the vet bills for my cat and no emergency fund to cover it. EF’s are so important!
My previous cat, Emeril (RIP), had lots of health problems towards the end of his life. And I remember being freaked out over a huge bill, until I reminded myself not only did I have the money but there wasn’t anything else that I would have rather spent the money on. EF are so important, especially since it seems like unexpected problems come in waves or at least it does for me! Thanks for the reminder, Mackenzie! Hope all is going well for you!
I was in the same boat with my previous cat and their vet bills except…I didn’t have an emergency fund and had to put all his bills on my credit card. Lesson learned…
Hope all is going well for you too, Tanya!
Great reminder, Mackenzie! You know I’m a huge proponent of emergency funds. Like Travis said, you may not think you need one until you do. And things always break, get lost, etc. At least they do for me!
Yup, emergency funds are sooo important! 🙂
I really understood the importance of having an EFund when I moved cities without a job. Without that money I probably would have had to move back home instead of stick it out like I did.
Definitely! Efunds are honestly lifesaving in sooo many situations!
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