In addition, some problems can be major and will require a lot of money to buy spare parts and to pay for the service. It is at this point that people wish they had some spare money! The good news is that you can start now by having an emergency funds account; and change the future of how you spend your money or deal with emergencies.
Some people have had their cars break down in states that cost a lot more money when it comes to repairs. Taking chances becomes too costly and the idea for having the emergency savings becomes all too important. Even the best of cars have their own surprises but the good things is that; you are more confident when you can tackle the problem with your saved funds. Do not forget that many lemons will not be fully repaired and you might need to purchase a better car. The funds will help you solve the problem in the best way possible.
4. Funeral costs and emergency travel
Funerals are expensive and may take up to $10,000. The worst part is that you are never prepared for death. For this reason, many people have taken up a funeral expense cover but others have not. What many do not realize is that it could take months before the cover money is gotten. Meanwhile, the family must cater to the cost of the funeral and without good funds in reserve, this might prove to be a toll order.
In addition, many funerals will require people to make emergency travels and if you are not ready, missing the final journey of your family or friends is not an option. You do not have to go into debt when you can have an emergency fund to cater to these problems and more. In fact, some people have to travel to other countries for funerals which are unexpected. Life does not warn us and we certainly cannot tell the future; however, we can anticipate with wisdom by having some emergency funds with us.