Why an emergency fund is important

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Hey everyone,

I hope you are all doing well. The weekend is coming up.

This week we have been discussing about goal setting.

Today, I have wanted to share why creating an emergency fund is an important goal to have.

As we all know, situations in life happen that are not in our control (aka Murphy’s Law).

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Last week, I was coming home from work (I work night shift). Long cinder blocks from an 18-wheeler flipped over on the side of the road I was on (They were going the other direction). I didn’t see it until my car hit those blocks. I had to pull my car over in a clear area. A tire went flat and my seat belts froze up. My car went to the repair shop and they fixed the tire but could not fix the seat belts. I had to figure out what I needed to do next.

I needed a car that I would be able to drive to work in comfortably. An elderly woman passed away recently at my parents’ church. They were trying to sell her car so the proceeds would go to the church (that is what the elderly lady wanted). I decided to take the car. It only cost $1,000.

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Thankfully, I had the money saved up. If I didn’t, I would have had a $1,000 extra in debt I would have had to pay off.

The moral of this story is that you need to save up money for an emergency fund. Something bad could happen soon. It’s better to be prepared than being screwed.

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My advice is to try to put aside whatever you can a month to go towards that.

Thank You and Have A Great Day,

Millennial Dude

P.S. If you liked this post, please share it with your friends. If you have any other reasons why an emergency fund is important or a similar story to mine, please comment below.

 

 

One thought on “Why an emergency fund is important

  1. Wow sorry to hear about your bad luck, but I’m glad you had an emergency fund. What spurred me to really get serious about an emergency fund was when a guy quoted me $7k to fix a collapsed sewer drain-out. Thankfully the city ended up paying for the repair but wow that would have been a big hit.

    Like

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