Why Homesteading Emergency Saving Fund Came in Handy is all about sharing some old fashioned wisdom to bring back the practice of looking out for your family for whatever may come up that can derail your family fiances.
One poll found the almost a quarter of families in the United States don’t have any kind of backup funds. Living without having a backup account is as risky as driving a car without auto insurance. Even with the highs and lows of life, people saved up on money along the way to prepare for anything sudden, a so-called “rainy day” fund to pay for those unexpected bills that fall in front of us. It is insurance from becoming broke and in debt when it is necessary to pay for something serious. Those events in life hopefully will never take place, but it’s about being prepared for those emergencies. Here are events where having an emergency fund is important.
• Illness or Injury – Accidents, illnesses, and other reasons for hospitalizations; health insurance does not cover everything, so the backup fund will pay for certain treatments and medicines. This also includes paying the vet for pets.
• Unemployment or Partial Employment – Life comes at you fast. People can get laid off without warning. While looking for work, or while accepting a part-time job, which only brings in a fraction of what is taken in per month, be fiscally conservative and use the backup account wisely.
• Car/House Fixings – Engine trouble, car accident, broken windows, or roof leaks, they can come suddenly and needs to be fixed, pronto. Again, the cost is hefty.
• College Education –Got kids? They will need some of that money to pay off college tuition, if a scholarship isn’t received.
• Deaths –This is the worst-case scenario, but sadly, it happens. And, that also costs with funerals, cremations/burials, and any debts that need to be settled.
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