If you are one of the many individuals who chooses to splurge using their holiday bonus each year, it is important that you take a moment to think about how much more logical it would be to use that bonus as your emergency fund. Unfortunately, our society has transformed into a consumer culture where we believe spending is more important than saving. Before indulging on that expensive gift for yourself just yet, allow these situations when you might need an emergency fund to convince you otherwise:
- If something happens to your furry family member, your going to spend the money to help them, no matter how much it may be. Since our pooches enjoy their days running in the backyard, an accident or injury is always possible. Your emergency fund would come in handy if your pup hurt their foot while playing in the yard.
- As you prepare to take a road trip with your loved ones and enjoy the open roads, your car takes a turn for the worse and you are in need of a new transmission. This unexpected expense can set you far back, if you do not have an emergency fund.
- Your kitty runs across your desk to surprise a bird in the window and knocks your coffee all over your laptop. Without an emergency fund, the unexpected purchase of a new computer can set you back to the 80s.
- You were warned that it was time to upgrade your appliances, but did not realize how soon you would actually need them until your dryer took a turn for the worse. Without an emergency fund, purchasing a dryer can prove to be a financial burden.
Do you have an emergency fund? Serving Los Angeles, Beverly Hills, and all of California, contact Medwin Insurance Agency for all of your insurance needs.