Tuesday, October 12, 2010

A Perfect Example of Why You Need an Emergency Fund

Last Friday, I had a great start to my day. I locked my keys in my car! Thankfully, I had AAA membership so handling this situation was easy…so I thought. When I called AAA for them to unlock my car, I discovered that my membership was expired. I renewed my membership because I needed to get my work day started.  That cost me $101.25. For a recent grad trying to build her savings, that’s a lot of money. Thankfully, I had the money pay for it.  This kind of situation happens all the time, but what would of happened if I didn’t have the money? What would have happened if I didn’t have a budget and spent every dime of my paycheck? I would of have been out of luck! Life happens all the time. You car gets a flat tire, you lose your job, you get sick, or someone dies. Not having money to cover emergency expenses causes more stress in emergency situations. If you don’t have an emergency fund, start one! Even if you can only save $5 a paycheck, something is better than nothing.

Need to find somewhere to place your rainy day fund, click here.

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