How much of your income should be allocated for emergency purposes.

TOZZIBLINKZ

TOZZIBLINKZ

VIP Contributor
By definition a situation or a condition that is totally considered to be an emergency is probably something that totally needs urgent attention and if not urgently attend to could absolutely make the existing subject or victim experience something devastating or disappointing . In today's present system of things there are a lot of things that may be considered as emergency to us for example an emergency could come in the form of you getting sick and possibly need medical treatment urgently , encountering an unexpected visitor and absolutely need money urgently to make him or her feel at home , encountering a legit and flexible online investment and could probably need money to urgently invest , encountering due bill payments and could probably need money to pay off The Bill .etc .

These are just a few of emergency that we have to face in our lives and one thing is that emergency can unknowingly happen and is usually totally uncalled or unforeseen . Majority of people have been asking themselves that , since emergency is totally inevitable in life how much of the income should they speculated so as to handle this emergency when they occur . First and foremost I want to emphasize that there is absolutely no amount of money that should be speculated and kept for the handling of emergency purposes but what is advice is that the money kept should be of reasonable and long lasting value . Also another thing that is advice is that , the money in particular should absolutely surpass the amount of money you spend on daily needs and wants .
 
Rachael

Rachael

Verified member
The fact is that it is called emergencies, this is because no one plans for it or expects any negative occurrences to happen. For instance, someone might be involved in a fatal accident and as such, it demands a lot of money or to even fly the victim to another country for proper treatment. All these has to do with a lot of money to make it possible. The act of saving money is very important but there is no money that can be enough for emergencies because it is an unforeseen event.


Well, for me, saving is just the best way out. Ensure to dedicate some amount of money to your saving account and try not to touch it except for emergencies. There are people who have different bank account for different purposes and as such, they are very mindful with the way they spend. At least 10% of our income should be saved either in a weekly or monthly basis. There is a friend who saved money for emergencies situations and when there was no urgent need, he used the money to purchase a land, and after some weeks, his mother fell ill and passed away, he quickly had to resale the land to aid in the funeral rites.
 
CALVINDOL

CALVINDOL

Verified member
First of all I want to congratulate how you took your time to mention some ways emergency could absolutely come as in a life of a human being . We must understand that the encounter in of emergency is totally inevitable because as long as human being lives we will always encounter emergency . Now we understand that emergency is totally inevitable we should better focus on how we will be able to handle this emergency when they show up . Majority of emergencies could be solved and handled with the use of money this is because money could be used to satisfy the needs and wants of every human being despite the fact that human wants are totally insertable which simply means that human wants to not be exhaustively accomplished and achieved .

Secondly I also want to emphasise that there is literally no amount of money that should be kept for emergency but what is advised that a reasonable amount of money should be speculated and get out of our income as the money used to solve emergencies possibly when they arise . Always remember that it is not all about encountering emergencies but what really matters is how you handle and face them when they show up in your face .
 
sincerem

sincerem

VIP Contributor
The funds we should allocate to our business should be subject from how much we are making or earning online and offline. If you earn reasonably from your time working, which is enough to cover your primary expenses you can squeeze out for emergencies. We need to reserve funds in terms of emergency needs, because we are living in a world that is full of unheralded circumstances. So, you never know what can happen that's why we need to save up for our emergency needs by all means. But those who aren't having that funds, wouldn't have the zeal to save money in terms of emergency needs, because, they don't even have enough to cover up for their expenses. When you have enough, normally you wouldn't think twice to save money in the bank for emergency purposes, because you have surplus to cover up for that.
 
Ithedicious

Ithedicious

Active member
Is better for people to have some spare cash especially for things like that because it will definitely help them in so many ways. For me personally I do have some extra cash in case there's an emergency especially in terms of health or any other thing that I have to take care of urgently. By having extra it will be quite easier for me , at least I'll have something at that time of emergency than for me to look elsewhere or looking for who to borrowed money at that particular time , No, I do not like it.

I don't have to be channeling a certain percentage of my monthly income to for emergency purposes now because I can't really plan for that but I always have to make sure that I have a certain amount of money in my bank account that I won't get rid of no matter how broke I cm.

It all depends on what people are really interested because for me I have to make sure this is available, I have seen some people who always try as much as possible to channel at least 10% of their monthly earning to a separate bank account for emergency purposes only.
 
Augusta

Augusta

VIP Contributor
This is one area that makes me keep money alot because emergency might come and it will be a matter of life or death so one needs to always have something handy.

I remember my late cousin that died because there was no money to get a car to move her to the hospital immediately.it was really a devastating period for the family and that really was a learning lesson for me and I will never stay without me saving money because anything can happen.

Saving money isn't even easy as such it is better to be conscious about the act or else it would nit happen. I think it is good to save s5 least 25% of money coming into ones account. it shouldn't be about ones pay cheque alone but from all the money that hit ones account. You just have to keep at least 25% of it.

To achieve this you would need to dump impulsive buying. Don't go for things that you just see. You would be spending money on frivolities ot things that are not your need. This will help you to save money

Secondly, avoid borrowing money especially those that you would have to pay back with high interest.
 
btaliat

btaliat

VIP Contributor
To be honest, I don't really have any fixed amount for emergency situations. I only make sure I have enough money to cater for the emergency periods. There are times that there will be serious emergency that will even go beyond more than I have, then, I depend on friends and family to sort those things out first.

But I do make sure that I save at least 40% of my total income. I have a separate account I do save in and most time, I do save in crypto. This money I do dedicate them for emergency situations. However, rather than dedicating much money for emergency periods, I always make sure I run away from certain things that can make me spend unnecessarily.

I do cut my clothes according to my cloth. I don't aleays get carried away with what others do. I am always contended with what I have. I know some people that even sill go to the extent of borrowing just to meet up with their pals.

I make sure I find alternative ways of making money in order to augment the little I am making offline. I have to be working on some gigs online to make sure the money is enough.
 
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