7 Reasons Why an Emergency Fund is a Must Have

Bad Credit - 7 Reasons Why an Emergency Fund is a Must Have

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Do you know - 7 Reasons Why an Emergency Fund is a Must Have

1. Expect the unexpected. The state of The economy today has ensured us that the unexpected can pretty much be expected. A sudden job loss, medical expenses, unforeseen "– car or home repairs, can add an extra burden to an already fragile financial situation.

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2. Your credit card is not for emergencies. Credit card companies are increasing interest rates and decreasing credit limits. If you are still able to use them, it will only set you back even further. Cash is always the best way to be prepared when it comes to emergencies.

3. Everybody's doing it. This economic downturn has nearly everyone spending less money and putting away more money for emergencies. People are taking this time to learn from their past mistakes.

4. More than likely, family and friends willnot be able to help you. Since most people are spending less, saving more or out of work, in the event of an emergency there will not be many people you can turn to.

5. We now know just how bad things can get. Most of us are learning for the first time what it feels like to be out of work for long periods of time, and to be short on mortgage, car payments, and student loans.

6. Your peace of mind is priceless. Having cash for emergencies will ease those foreboding doubts about your financial wellbeing. Being prepared for what may lie ahead will virtually relieve all of your money worries.

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