5 Reasons why Everyone Needs an Emergency Fund

5 reasons why everyone needs an emergency fund. Money savings

If you find yourself struggling every time you encounter a financial hurdle in your life, then it might be time to start considering the benefits of an emergency fund. An emergency fund can help to make sure that you’re capable of paying your bills, and shelling out cash for any unexpected expenses when problems naturally arise.

Without an emergency fund, you could open yourself up to countless potential problems including debt and discomfort. Here, we’ll look at just some of the reasons why everyone could benefit from having an emergency safety blanket in place.

Life is Unpredictable

The first, and most important reason why everyone needs an emergency fund is that no matter how good you are at budgeting, the truth is that we can’t prepare for everything. When you first begin to budget, you may find that you’re leaving out some of the essential expenses that you need to plan for, and an emergency fund can make sure that you’re ready to tackle those problems when they come up.

Just remember, as unplanned expenses do begin to emerge, you can write them down and adjust your budget accordingly to ensure that you won’t forget about them in the future. That doesn’t mean that you won’t need an emergency fund anymore, but it should ensure that you tap into it less frequently.

An Income Only Goes So Far

If you’re living alone, then the chances are you only have one source of income to rely on. Unfortunately, since you can’t turn to someone else for help when something goes wrong, you’ll find that you need even more help to ensure that you can fight back against potential problems that could arise.

Ideally, if you’re the sole income provider in your family, you’ll need to work on having at least a year’s worth of funds saved up. You can then build a larger emergency fund later if necessary. Remember, if you’re just starting a family, you might need to increase your emergency fund to take children into account.

Owning a Home is a Huge Commitment

If you own your own home, you’ll find that your need for an emergency fund is even more significant, as it’s up to you to pay for all the upkeep expenses and repairs that are necessary to keep your home in a livable condition.

As a homeowner, your emergency fund will give you the peace of mind that comes with knowing you have something to turn to if things go wrong and you need a little extra help. Remember, home repairs can be very expensive, as is something like replacing a boiler. The more you can save back to protect your home, the more you can rest assured that you will always have a comfortable place to live – no matter what hurdles might come your way.

You Need to Prepare for Major Issues

This follows on from the “life is unpredictable” comment. Even if nothing ever goes wrong with your home, and you keep hold of the same job for a number of years, you could still face major issues if you’re facing a serious medical problem or dental concern. Health issues aren’t only expensive, they can also mean that you end up having to take days, weeks, or even months away from work.

Whether you’re the sole provider for income in your household or not, a long time away from work is sure to have a negative impact on your quality of life. An emergency fund can help to soften the blow when you should be focusing on getting better.

Emergency Funds Help You Reach Your Goals

Finally, if you’re focusing on reaching an important financial goal, like starting your own business, or owning a property, your emergency fund will help to prevent you from dipping into your other savings when things go wrong. This should mean that you’re less likely to move backward on your goals instead of forwards.

Although your progress might slow down a little as you’ll need to replace your emergency funds too, you’ll be able to keep your savings untouched, so you don’t have to worry about losing track.

Though personal loans are available when you’re struggling to make ends meet, and you don’t have an emergency fund in place to help you overcome life’s little challenges, it’s often much better to budget some money aside for a rainy-day fund in case things go wrong. Borrowing options do exist, but they’ll only take you so far and can be very expensive to pay back.

 

 

*Collaborative Post
Photo by Philip Veater on Unsplash

The Crown, Foundation and Singing! #LittleLoves

I haven’t made the Little Loves linky over at Coffee Work Sleep the past few weeks, which is annoying as I made a pact with myself to join in every week! Oh well, life gets in the way sometimes and I seem to be juggling a lot of balls right now so I’m trying to not give myself too hard a time.

So what’s been happening these past few weeks… Well my Twins’ school had a major gas issue which meant they had to close for a day and a half one week. Luckily for me my work place is local and flexible so I could leave early to pick up the boys, even though we were only given an hour’s notice! I do wonder about parents who work further away or don’t have such understanding bosses! The following day was also my day off so it worked out fine for us and I loved spending an unexpected day at home with my boys!

Last week I was so ill with the flu. I was off work all week apart from Friday and spent it mostly in bed shivering or on the sofa. I felt very sorry for myself indeed. Back at work fully this week and it’s been nice to get properly dressed up and to feel human again!

Here’s my list of Little Loves this week…..

Read

I am always reading but normally it’s in bits on my phone and in a hurry! I’m constantly clicking through links on Twitter to read articles of interest… at the moment it’s usually business related content. I enjoy reading anything about start ups, entrepreneurs and marketing.

Another Twitter account I love right now is Blinkist. I could happily click through on every link they have on their account and their website magazine is good too! Blinkist is an App that summarises all the best nonfiction books, in a quick and easy to read format. Absolutely perfect for those that never have any time…. like most of us! I don’t have the App myself, I’m more than happy with reading the snippets it provides on Twitter!

I’m also a sucker for the celebrity gossipy news stories on SnapChat… spend way more time than I really should reading those!

blinkist

Watched

Being ill does have one perk… being able to watch loads of telly! I started, at long last, watching The Crown on Netflix! Yes I know I’m incredibly late to the party on this. I did start watching a while ago but the first one or two episodes I found difficult to get into. I wanted to give it another chance and I’m so glad I did! I’m way in now on episode seven and loving it!

the crown

Heard

I heard my boys practicing their lines for their school assembly and then heard them say them when I watched it ! They had a couple of lines each and it fills my heart with pure joy to see them saying their lines with confidence… a little quiet yes but up until last year they would hide in sharing assemblies they hated it so much, and they would NEVER have said a single word because of their shyness. I’m so proud of them.

Wore

Not much to report here! Wearing the same old stuff… could do with a shopping spree but I don’t really want to buy more Winter clothes and it’s too cold for Spring clothes just yet. Will wait another month then treat myself I think!

I’ve been wearing my new Estee Lauder Double Wear Foundation recently. I’m not a massive fan of foundation and tend to just wear concealer but sometimes when I feel particularly pasty and my skin isn’t great, especially in the Winter, this foundation is amazing! It IS thick so you only need a small amount, which I apply with a brush, but it boasts the best coverage on the market and I would absolutely agree. I love it. It’s on the pricey side but in store they colour match it to your skin and it lasts ages. Think I might go for the lighter version next time to try!

estee lauder double wear

Made

I absolutely love singing, I was trained as a child and can often be heard singing very loud at home! I believe this to be totally normal but when my kids friends are round I sometimes forget myself and burst into song! The look on their faces is priceless… it’s like they think I’m completely bonkers! Either that  or I sound truly terrible haha! Anyway, now the kids are older I’ve decided to brush up on my (limited) skills and I’ve joined a singing class… just for fun. I’m naturally a shy person so this week when the first lesson was due, I wanted to pull out. I was nervous and didn’t want to go. But I made myself, and I’m so pleased I did. I thoroughly enjoyed it!

And lastly….

Half term at last woohoo! Been counting down the days since the kids went back to school after Christmas! Really looking forward to spending a week with my babies, staying cosy at home some days and having fun adventures on the rest!

Hope you have a great week!

Little Loves Coffee Work Sleep Repeat

Win Tickets to The Baby Show

the baby show 2018

This March get ready to enjoy a fantastic shopping experience at the UK’s leading pregnancy and parenting event of the year.

The Baby Show, with MadeForMums, will be taking place from Friday 2nd until Sunday 4th March at the ExCeL London.

Find everything you need for bump, baby and you – with amazing offers, for three days only! The Show features over 200 exhibitors offering an unrivalled choice of top baby brands and products – including the UK’s widest range of buggies, pushchairs and car seats – all under one roof. There will also be innovative product launches and boutique, not-on-the-high-street brands.

Take advantage of one-to-one specialist advice, hundreds of discounts, plus the opportunity to try before you buy. It really is a must-attend event for those shopping for their new arrival – especially for first time parents! For those shopping for one of their biggest baby purchases – the trusty buggy, there’ll be some harder to find brands like Mutsy and Dubatti. Don’t forget to give them a test drive on the popular MadeForMums Buggy Testing Track so you can see what they feel like on different surfaces!

Get hands-on with each product and meet product experts from top brands where you can ask questions on how a product works so you can really check that it’s right for you and your family’s lifestyle. The show will have an enormous amount of exclusive show discounts, competitions and freebies to ensure you have your baby essentials shopping list all ticked off in no time!

the baby show 2018 excel london

Again there will be a wonderful line up of speakers on The Baby Show Stage including experts from the world of breastfeeding, sleep and nutrition. Infant researcher and founder of the Your Baby Can Learn series, Dr Bob Titzer, author and baby food expert, Annabel Karmel, breastfeeding expert, Vanessa Christie and sleeps specialists, Lucy Shrimpton and Chireal Shallow, along with a number of other top experts will be sharing their parenting know-how to make each visitor’s journey into parenthood just that bit easier!

If you are looking for more personal and tailored advice, you can benefit from private 15 minute appointments with The Baby Show Experts at the One To One With The Experts Area – you just need to book your appointment on the day.

Once you’ve shopped until you’ve dropped, don’t worry about all the carrying as you can take advantage of the free Emma’s Diary Collect-By-Car service where you can drop off all your purchases and continue until you’ve got a car full!

The Show will be joining forces with the NCT again to raise awareness of the help they provide to new and expectant parents. The NCT has become a lifeline to hundreds of thousands of parents over the past 60 years. They will have practitioners on hand throughout the show to offer information and raise awareness of the fantastic courses on offer and visitors can try out short taster sessions at the show!

It really is a must-attend event for those shopping for their new arrival – especially for first time parents!

We’ve teamed up with The Baby Show to give away two pairs of tickets, to two lucky winners, worth £40 each pair!

The Baby Show at London ExCeL is open from Friday 2nd – Sunday 4th March from 9:30am until 5.30pm each day. Standard on the door tickets are £20 and children under 14 go free! For more information please visit www.thebabyshow.co.uk.

To enter please follow the instructions on the Gleam widget below…

Good luck!

Mummy Endeavours – Win 2 pairs of tickets to The Baby Show

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