Did you know that you need at least 3-6x of your monthly income to have a reliable Emergency Fund?
But what are #EmergencyFund for?
📌 Job loss - if something unwanted happened to your company or business, how could you sustain your daily & monthly expenses?
📌 Medical Emergency - sickness or accidents, if this happens, how would you pay for hospital bills and medicines? HMO? How about the other members of your family? Or if something's not covered by your card?
📌 And Unexpected Expenses such as home or car repairs and urgent travels, how could you pay for them?
Being aware of the points above, an Emergency Fund will give you these 3 BENEFITS: ✅ Keeps your Stress Level Down - This gives you confidence that you can tackle any of life's unexpected events without adding money worries to your list. ✅ Keeps you from Spending on a Whim - Keeping the money out of your immediate reach means you can't spend it on a whim, no matter how much you'd like to. Tip: Avoid the "Add-to-Cart-Habit", start the "Drop-Penny-To-Your-Piggy-Bank-Habit" 😉 ✅ Keeps you from Making Bad Financial Decisions - Like opting for a money loan or running into a "bumbay"😂✌ and pay for the interest, fees, etc... You would not want to have bad debts, right?
Be FINANCIAL READY!
Have you started building your emergency fund yet?
Yes or No, Message me for FREE Financial Consultation📨