Being prepared is important, particularly when it comes to your resources. You never know when something can come up which has a hefty price tag attached to it.
In order to make sure that you know you’ll be ok in an emergency, you should always try to keep a nice comfortable amount of savings to the side. This way you can have peace of mind knowing that you’ve got things handled in the worse case scenario.
Here are some of the most common things that come up which require people to have a chunk of cash for when they least expect it, and how you can start to put savings aside to prepare for it.
Your car is one of those things that can unexpectedly break down entirely at the drop of a hat. Even a new car is capable of breaking down and requiring you to buy parts which cost a small fortune.
Even though you may take your car to get maintenance, put quality gas in it, and take care of it overall, there’s no telling when something can mechanically break down.
Unfortunately even the smallest of repairs can cost hundreds of dollars, and more serious repairs tend to lean further to thousands. Keeping money aside to ensure that you’ll be able to pay repairs is crucial, particularly if you depend on your vehicle daily to get to work.
Your health is something which isn’t cheap. Even if you have insurance, a simple trip to the emergency room can send you home with a bill the price of three months rent.
It’s important to be able to pay for any unexpected issues that come up without having to worry about how you’ll be able to afford it.
You may also need to miss work due to any illnesses or injuries, so keeping savings to be able to cover lost wages is a plus.
Last Minute Travel
Sometimes family can pass away unexpectedly, or emergencies can creep up which require us to get on a plane as soon as possible. Having the funds on hand to be able to pay for last minute travel is beneficial, since buying anything with less than a weeks notice is often exponentially priced.
If you don’t have air miles saved up, you may just find yourself having to foot thousands for a ticket somewhere which is less than a two-hour flight away. Preparedness is a major perk when it comes to paying for this emergency.
Losing Your Job
You never know when something can come up which causes you to lose your job unexpectedly.
Rather than wondering how you’re going to put food on the table or pay your rent is an unnecessary stress. Having savings on hand to know that you can buy yourself some time while you look for new employment is prudent.