Budget post 5 of 6 –
How many times have you been tempted to snag a quick $50 (or more) from your Emergency Fund with good intentions of replacing it later? 🤔🤔
Having an Emergency Fund puts you in a financial position to not be thrown off budget when the surprise expenses of life arise – like a blown tire 🚗, that unexpected root canal or crown 🦷, blown water heater 💦, or the money your college student suddenly needs for new books or college swag 📓.
Your household should deem what your “emergency expenses” could entail. To some, the college student scenario above is not an emergency. To others, that is something they would consider using their Emergency Funds for. Ideally, people use this earmarked money for medical fund reserves and unexpected repairs on home or auto. Like the image says, “sudden sizable expenses.”