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Most people have a hard time justifying funneling 3-6 months worth of expenses into a savings account. They ask themselves, time and time again, why do I need this? The answer, of course, is "What if?"
What if you lose your job? What if something happens to you or your spouse? What if the refrigerator blows out, or you need a root canal? There are so many what-ifs in life that it's always better to be prepared. Sure, insurance is available for a lot of the what-ifs, but most insurance policies have restrictions on how they can and can't be used. When they'll pay out and how much are also a factor to keep in mind. Plus, there's simply no insurance for losing your job. You may be able to claim unemployment under certain circumstances, but it's nowhere near enough for you to live at your current lifestyle level (which we're assuming is why you haven't been saving in the first place!)
We're not here to judge, and we didn't get started on saving until later in life either! But getting started now is better than never doing it at all. Instead of putting your emergencies on a high interest credit card, start socking away a little money every
month, just in case. If you don't have an income, it's pretty hard to pay back those credit cards and once you've run them up, then what do you do? An emergency fund is a security net, especially for people who live paycheck to paycheck!
Do you have an emergency fund? If not, what's really keeping you from starting one? [Kiplingers]