First of all what's an emergency fund?, Based on my ideology emergency fund can be a money saved aside to treat urgent issues or problems. Emergency funds is very important because it can save a life, and even save uncalled situations.
And saving up emergency fund doesn't have to be something you'll put all, you can be able to put 30 or 40 percent of what you earn, and it doesn't matter weather it's daily, weekly or monthly. For me, I save up daily and sometimes monthly, emergency fund and always make sure I put 30% of my income.
And saving my money is convenient for in a bank account (fixed savings). This is more preferable to me because even as I save for a long period of time. it generates interest for me either daily,monthly or annually, it all depends on my setting.
Saving isn't easy because challenges and problems will make you take the money but being consistent and relentless is the only thing that can make you stay strong maybe except it's for a very crucial thing like medical bills, or sudden job loss. I always aim to save up for like 1 year plus and sometimes when I look at the money I have saved it seems impossible that I actually that.
I always hide the amount of my savings so my mind won't be always be in my subconscious.So, saving for a year help me to sort out future emergencies.
I remember when I did a job and was paid a huge of amount of money for a job, as some would do, to use the moeny to buy clothes,shoes, change phone but instead I took 40% of the money for myself and locked 60% in my bank account for over three months.
On the third month, a huge emergency came and was something that if it was not done, it going cost alot of trouble, that was when the money saved me, I withdrew the money and problem was solved and still had enough balance.
So, this is to say if I had no emergency fund at that moment and everyone I asked money turned me down, I would have been in regrets today.
So, my advice to anyone reading, instead to always spend your money extravagantly instead use some of them to save up for future emergencies.
I would love to invite my friends to join in this contest @favourite @lecia89 @blessedglow
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Thanks for reading through.
Wow, this is amazing.
And of a truth, it takes determination and discipline to save instead of spending on other things, we all know it's not that easy, but then it is necessary we determine to set aside some part our of that little to still save. Because that is what will save one when emergency comes unannounced 👌.
Thanks for sharing.
💯❤️💯
You're absolutely right 👍