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Why You Need an Emergency Fund Even When You are in Debt

Finding a Strategy for the “Rainy Day”

What is an emergency? Well the good news is that an emergency needn’t be a matter of life and death but it can be a time which forces you to take steps that you might have preferred not. You could say that the moral of this article is identical with the motto of the Boy Scouts – “be prepared”. Which brings on the question “are you prepared”?  Well if you’re not you should be!

What Do We Mean By an Emergency Fund?

Some call it a piggy bank, some call it a secret stash. Actually it doesn’t have to be a secret – it could well be a deposit account in a bank or savings fund. It’s there for the proverbial rainy day, for the unexpected – some cynical people say that the only thing you can definitely expect in life is the unexpected!

A Fund for Someone in Debt?

Yes, it may seem strange but in fact having such a fund, whatever you call it, is even more important for someone “in the red”. If you are just managing to get by, maybe a little under each month, you are really going to be hamstrung if a big extra bill comes thundering along which could destroy your financial equilibrium completely.

Break the Cycle of Debt

Having an emergency fund, even if it is as little as $5 a week really matters. First it is a psychological victory over the spending urge. If only you took the time you would soon find items that you are paying for regularly which you could either reduce or eliminate. Smoking and drinking obviously come to mind but even by home cooking rather than reliance on take away fast food, there are savings. Work them out and put in the pot.

And always remember…

You can kick start your emergency fund and your renewed financial planning with Mega Car Title Loans (626) 240-0606  – cash in your pocket within an hour.