Do You Have an Emergency Fund?
Over the past few weeks, my family has been quite sick. It all started out as a common cold, but then my youngest developed tonsillitis. He`s recovered, but the oldest woke up this morning with a raging fever and an earache.
All this means a lot of trips to the doctor and some rather costly medicine. But we`re ok with that because, despite the fact that we`re building our bathroom at the moment, we had money set aside just in case something like this happened. An emergency fund is something that every family needs.
Maybe you have insurance and don`t need to save up for doctors and medicines, but that doesn`t mean you shouldn`t have an emergency fund. Life has a way of throwing little curveballs (and sometimes a big one, too!) at us and the problems that arise often require cash to deal with.
Your emergency fund doesn`t need to have thousands of dollars in it and you don`t have to start out with a lump sum. Think of it as an investment. Add a little money to it each month. Just about everyone can find a way to siphon off $25, 50 or even $75 a month to stick into a separate bank account just for that purpose. Every little bit helps when a crisis occurs and you`re looking at unexpected bills!
Do you have an emergency fund? How do you make sure money is going into it each month?
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