Is the emergency saving funds that necessary.

[TOZZIBLINKZ]

No one is beyond emergency and from time-to-time an individual may possibly be confronted by an emergency situation needing money to resolve and to handle comfortably . The emergency saving funds is vital for all individuals to indulge in so as to be effectively and efficiently capable to handle and resolve emergency future unexpected events and occasions . The future is indeed filled with unexpected emergencies and unforeseen occurrences and circumstances that we totally do not have a clue when it will probably take place , and so since we have no exact clue when it will occur we must endeavour to always be ready and sufficiently capable when there actually occur . In our emergency saving funds, includes emergency funds for health purposes , food related purposes , and investment related purposes .

Some persons are so stuck up with the question of how much money out of their personal earned income should be allotted and kept for emergency purposes , well there is no exact amount specified by any commercial textbook or commercial handout but what is advised is that the money to be allotted for emergency saving purposes should be of reasonable amount and considerable value , so that no matter how big an unforeseen occurrence may be or happen, it definitely can be sufficiently and adequately tackle even if to some extent at least .

 

[CALVINDOL]

It is not something that absolutely lead to agreement or any form of arguments because for what we know every individual totally benefits from his or her emergency funds , and although majority of individuals totally know this but due to the possibility of not being able to identify the amount of money that should be allotted for the purpose of emergency out of their personal income or personal savings . Like you already mention there is absolutely no textbook or financial counselling handout that can totally specify the amount of money that an individual should definitely keep aside for the purpose of allotting for emergency purposes but what is definitely advice is that whatever amount this and value it is it must be reasonably and considerable .

The handling of future activities are considered to be unforeseen and uncalled circumstances and as long as the future isn't concerned there are a whole lot of money-related activities that are more likely to occur in the future and definitely would need the existence of money to resolve and to handle sufficiently and adequately . We hundred percent have to be ready when emergencies like this happen such as ill health or possibly expecting unwanted the visitors .

 

[Ithedicious]

Emergency fund as I understand can be a certain amount of money taken away by an individual or a group of business organisation that should strictly be used whenever there is an emergency need. As an individual you may have an emergency fund to take care of an emergency medical bill if there is no availability of insurance like here in Nigeria.

Well I don't really know about other people , but personally that is one of the things I look forward to achieve and I have started saving some extra money in different bank account for emergency purposes only . For me this consists of 5 percent of my monthly income.

It's depends on how people sees it , but in a location in which there is no adequate organisation by the governmet then I suggest that emergency fund is absolutely necessary to avoid being stranded in serious situations .