When tragedy strikes it often throws a family into a tailspin and leaves them attempting to keep their head above water and determine the best way to remedy the situation. An emergency savings fund is crucial during tumultuous times, as it prevents a family from having to worry about making ends meet and will usually allow the issue to be resolved in a more timely manner. You Don’t Want To Face These Emergencies Without Savings In The Bank, as doing so may have disastrous results.
Health Care Expenses
Even with insurance, the cost of healthcare is on the rise, and the expense of out of pocket deductibles will often lead to thousands of dollars in medical bills for advanced, life-saving treatment. While most hospitals are willing to work out a repayment plan or provide discounts on the portion due out of pocket, it is not a guarantee. Don’t let a lack of savings prevent a family member from gaining access to the treatment they need.
Unexpected Car Repairs
When the vehicle a family relies on breaks down unexpectedly, it makes carrying out day to day tasks extremely complicated. Emergency funds not only help to pay for the cost of a repair but will also allow a family to rent a vehicle until their regular form of transportation is back on the road. Depending on the extent of the repairs that are required, a family could expect to pay thousands of dollars, which may seem impossible without savings.
Owning a home is extremely rewarding, but when something breaks the responsibility to make the needed repairs falls on the owner. The cost of hiring a licensed professional, such as a plumber or electrician, easily exceeds 200 dollars an hour, and will quickly add up to an exorbitant amount of money. A savings account provides peace of mind and allows a homeowner to hire a professional and get their home back in shape.
Living without a savings account is a gambling game, and there are more losers than winners. Establishing an emergency fund may seem overwhelming, but saving a little each week will add up. Start a budget today and see how easy preparing for emergencies ahead of time should be.