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Emergency funds:
Whyyou need them
No one prays for an emergency but they are a part of the package called life. We all have an idealistic outlook on life, hoping we can get by without any hitches, but sometimes the universe does not align with our plans. Don't fret. Like I said earlier, they are part of life and can be managed.
What is an emergency fund? Well, basically money you set aside (in a separate account) for emergencies. Why do you need one? Find your answers below:
Home repairs:
The way household items fall apart is really absurd. One day you just wake up to find that your toilet is overflowing or your pumping machine has packed up. Nobody budgets for these things, they just happen and the ability to have them replaced or repaired lies in whether or not you have an emergency fund.
Job loss:
People losing their jobs is a thing, especially in our current climate. We can attribute this to the pandemic and economic downturn. When this happens, those who have an emergency fund are able to pull on these funds to get by and make ends meet until they are back on their feet.
Medical bills:
One minute you're all giddy and in high spirits and the next minute, you're down with a nasty cold that makes you feel immobile. You get the scenario, right? Unless the bones in your body have been replaced with bionics or you've got gamma radiation flowing in your veins, then, you are bound to fall sick sometime. But when you do, your emergency funds will be there to guide you back on the road to recovery.
Emergency travels:
Sometimes, you might need to travel for an important family matter; funeral, illness, etc. Your emergency fund will definitely come in handy.
Just see emergency funds as a soft cushion to land on when you're knocked off your feet by an unexpected financial crisis.
Basically, when you have an emergency fund, you're prepared for just about anything. It can be quite humiliating to keep borrowing money from friends or even family to pay bills or other expenses during your time of need.
The Premier Saving Account is just the right thing you need to begin your journey towards peace of mind. Don't say we never did anything for you.
Contributed by Nifemi Fowler
PAGE 9 INSIDE ACCESS | AUGUST 2020 3RD EDITION