Money emergencies are a fact of life. When faced with such a situation, the practical and immediate solution outweigh other options, especially in life-threatening moments or in instances when one’s survival and those of his or her loved ones are being threatened.
When it comes to life savings and money emergencies, there are actually three most common questions that pop up. Here they are, and our simple take on how to approach them.
There are a few instances when dipping in this major egg nest is the right thing to do. These include a mix of financial unpreparedness, savings inadequacy and despicable life lemons.
An important question that arises when emergency fund and life savings fund are combined, or when the emergency fund is not enough: How much do you take out when an emergency hits?
The practical answer will be to take out as much as the emergency requires.
These would be “emergencies” that are really not urgent or even remotely important, but some people tend to view as life-threatening or a kind of an it’s-now-or-never situation.
It’s not really money that makes us comfortable and secure, but organized money management. Reality check is, money comes and go in our lives because that’s the natural way of things. We work, we earn, we spend and we save to perpetuate the cycle of our productivity and survival. It is always a nice thing when money comes, but some people find it hard to let it go. But with a well-laid plan for money and its use, particularly a life savings, one has a good understanding of the purpose of a methodical and stringent saving – to accomplish higher life goals and be proud of one’s work and discipline when that future is already here.
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