Nowadays, you never know what sort of emergencies can come up. There is one thing that the Covid lockdown taught us: that in today’s day and age, you have to be prepared for just about anything.
That’s why having emergency savings put aside is critical to ensure not only your own well-being but also that of your family. However, despite how important it is to have money put away, the average American says they don’t have any savings.
However, what they don’t realize is that all sorts of scenarios could come up that may call for having emergency cash on hand. Don’t believe it? Here are some likely scenarios that would call for having emergency savings.
Home Repairs
Being a homeowner is wonderful. You get to call all of the shots and decorate your home as you please. However, along with this freedom also comes a considerable amount of responsibility. If a pipe bursts or your roof is leaking, it’s up to you to pay for the repairs. Usually, home repairs don’t come cheap, either.
That’s why having an emergency fund put aside is critical for ensuring you have the money you need to not only make the repair but get it done quickly. After all, the longer you wait to make a repair, in many cases, the worse it could get. The sooner you can get it done, the less likely you are to yourself with even more expensive repairs to make.
Car Repairs
Cars are incredibly convenient and can help us in a multitude of ways in our lives. From getting to work to picking up the kids and dropping them off at their activities, chances are you use your car every day in one way or another depending on where you live. However, cars can be finicky, and often require work.
Even so-called “reliable” cars require a tuneup, new tires, or other repairs over the years. The more you depend on your car, the more you need to get it fixed, quickly problems arise. Emergency savings means you have the funds on hand to continue being mobile and productive.
Medical Emergencies
Many people make the mistake of believing that their health insurance alone is enough to cover their medical expenses should they get injured or ill. However, it’s very rare that your insurance alone will pay for your medical bills. Having emergency savings set aside means you can have the peace of mind of knowing that you and your family will be healthy and safe.
After all, there’s nothing worse than being ill and being afraid to visit a doctor out of hesitation that you won’t be able to afford the final bill. Prioritize your family’s health, and make sure you have enough money set aside should any of you have a medical issue.
