Emergency Funds: Why Are They Important?
Sometimes life doesn’t go to plan, and we’re faced with an emergency that could leave us cash-strapped. An emergency fund is what you put away for a rainy day. It’s cash that is set aside that you forget until you need money quickly for an emergency. Emergency funds are what you put away for a rainy day. This is cash you should ignore is there! No matter how well you stick to your budget, there may be times when your savings could be more, and you’ll need access to extra money. Emergency Funds For When Things Are Tight Emergency funds are monies set aside for when something unusual and unexpected happens. With the current economy, more and more Aussies have issues saving. With the high cost of living, most people are just getting by, leaving little to put into their savings. Let’s dive in and look at places people turn to for emergency financial help. ● Friends and Family – generally speaking, friends and family are often the first people we...