CALVINDOL
VIP Contributor
There are several life events that can require someone to never be fundless. Having a healthy financial cushion or emergency fund is essential to prepare for life's unexpected events and avoid financial stress. Majority of individuals usually feel stressed out just because they are trying to live a comfortable and reasonable life but as a result of them not planning financially on how to face unexpected events their intention of leaving a comfortable and reasonable filled life, is constantly hindered as well as thwarted. Below are some life events that obviously requires an individual to never be fundless, however majority of them are totally unexpected.
MEDICAL EMERGENCIES: Unexpected medical emergencies can arise at any time, and without adequate savings, it can be challenging to pay for necessary medical expenses. It is essential to have sufficient funds to cover medical emergencies, including health insurance, to avoid financial strain.
JOB LOSS: Losing a job can be a significant financial setback, especially if you have no savings. It is important to have an emergency fund that can cover your living expenses for at least three to six months in case of job loss.
HOME REPAIRS: Owning a home comes with unexpected maintenance costs, and major repairs can be costly. Having a contingency fund for home repairs can prevent financial hardship and prevent delaying the repairs, which can lead to more extensive damage and higher costs.
RETIREMENT: Living without a steady income during retirement can be a challenging experience. It is important to have a retirement plan and savings that can provide you with a comfortable retirement lifestyle.
MEDICAL EMERGENCIES: Unexpected medical emergencies can arise at any time, and without adequate savings, it can be challenging to pay for necessary medical expenses. It is essential to have sufficient funds to cover medical emergencies, including health insurance, to avoid financial strain.
JOB LOSS: Losing a job can be a significant financial setback, especially if you have no savings. It is important to have an emergency fund that can cover your living expenses for at least three to six months in case of job loss.
HOME REPAIRS: Owning a home comes with unexpected maintenance costs, and major repairs can be costly. Having a contingency fund for home repairs can prevent financial hardship and prevent delaying the repairs, which can lead to more extensive damage and higher costs.
RETIREMENT: Living without a steady income during retirement can be a challenging experience. It is important to have a retirement plan and savings that can provide you with a comfortable retirement lifestyle.