Accidents happen, your car breaks down and needs repair, you lose your job. Any of these things can happen at anytime. That’s why it’s imperative that you have an emergency fund for when rainy days happen, and they will happen believe me. First thing is first, try to make sure you have a bank account for emergencies only, be sure to have enough saved up for 3-6 months living expenses. That way, lets say you do lose your job, someone get’s in an accident and is going to be out of work for a little bit, it’s not the end of the world. Yes it may be inconvenient, but it’s not going to hurt you as badly if you didn’t. Be sure to not touch any of the money in your emergency fund, unless it is solely for emergencies.
If you don’t have an emergency fund, keep in mind when life happens and it does, it’s going to put you in a deeper hole of debt you’ll have to try to get out of, and create an even worse financial hardship. Plan on life happening to you, and have an emergency fund in place to protect you and your family.