An Emergency fund is the ultimate asset for Financial Wellness. Most people don’t realise the necessity of this. It is the ultimate need. The amount will vary depending on your circumstances. However, the importance of having an emergency fund does not.
When I first trotted up my first emergency fund. My amount was €1000. For the simple fact of I’m a single mother one income family with a mortgage. Things can go wrong pretty fast. It is a personal amount. I saved this pretty quick. As I had cash back coming from the revenue.
Having an emergency fund is the difference between devastation and an inconvenience. When I say this you have to believe it. When my boiler went 2 months after filling my emergency fund there wasn’t a whimper out of me.
The money was there to look after it. I fixed the boiler. Paused my debt pay off , refilled my emergency fund. And resumed my debt pay off. No matter the situation whether your repaying debts or saving money. Every thing is paused until your Emergency fund is refilled.
It is the Ultimate Priority x
I started learning all about emergency funds via this book by Dave Ramsey https://amzn.to/3upLDYK
I spoke about this on my YouTube channel here the link https://youtu.be/oh9W3FTIn7A