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Monday, December 5, 2011

Importance of Having an Emergency Funds


Importance of Having an Emergency Funds

Emergency Fund
Emergency funds are best cushion if we're facing financial crisis. It is true that everyone must build and have an emergency fund that can be use in time of crisis. Although building up of this fund separate from savings fund are very difficult to do specially if we have tight budget or living paycheck to paycheck. But for me, I realized that it is better to face this difficulties of building an emergency fund than facing difficulties of looking and where to get immediate cash in time of crisis and emergency.

I clearly saw this importance of having an emergency fund when our company reduce their expat worker in order to comply in saudization policy of Saudi Arabia government. One of my co-worker lost his job and send back home with no take home money. He depend all of his expenses in one stream of income which is his salary. He is receiving high amount of salary every month but he fail to keep some portion of his salary for savings and emergency fund. Due to unexpected situation of losing job. 

He is now facing a problem of how he gonna pay those debt he made in the Philippines and also some loans here in Saudi. Even those separation payment he received from our company is not enough to cover all his debt. It is very hard to find a solution for his problem. No one can offer a hand to help him because even us are worrying anytime might lost a job. What happened to my co-worker could might be happen also to other and me.

Thinking of this situation of losing a job I ask myself if that happen to me. Am i ready to accept this reality? How will I able to sustain my lifestyle? and for how long before I find and landed for a new job? 

I'm still in the stage of building up my emergency fund and my target is to build up 6 to 9 months of my monthly expenses. Since late of starting my emergency fund, I'm still worrying that it would not enough to cover my needs until I got a new job.

As I observe on what happen to my co-worker fortune. I have now a better, clearly view and understanding that everyone particular those employee must prioritize and build an emergency fund first while their have a job. Having a fund like this, we feel secure, less worries and confidence to face any crisis that might cross our path along the way to financial freedom.

So if you have a chance now to build up emergency fund. Do it now as early as we can to avoid regret later. We can't be sure what might happen in the future so it is better that we are prepared. That's why having an emergency fund is a must to everyone who has only one stream of income.



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