23/05/2022
Do you have Emergency Fund? 💰
When I started my financial journey, one of my first money goals was to save up for emergency fund, also referred to as a rainy day fund.☔️
There are 6 Key Drivers that motivated me to save up for the unexpected:
💼 Job loss: Having an emergency fund means that in the event that I do lose my job, I have some money save up so I can continue to pay off my bills and expenses for few months.
😷 Medical bills: Surgery and unexpected medical bills can be expensive, so in the event that I do get sick or injured, I want to ensure I can pay for the treatment I needed to recover
💗 Family: My Parents are quite old and have some pre-existing health conditions. As they get older and become more vulnerable, I want to ensure that I have some money that they can access if they need it, especially if they need any medical treatment.
🏡 Repairs: As one of the house owner, I need to prepare for potential damages or issue in our home or appliances etc.
🌪 Disasters: Natural disasters are becoming increasingly commonplace and I have seen the devastating impacts it can have on people and commodities. I want to ensure that I am prepared if I am impacted.
🤍 Peace of Mind: I am a big overthinker. And having a emergency fund that I can use in the worst case scenario helps puts my mind at ease.
Do you have emergency fund? If so, what drove you to save up for one?
