For Whenever You Say

There are times when you have said "I Need Emergency Cash Now!" There are times in the future where you will say "I Need Emergency Cash Now!"  However, when you need emergency cash, often you have to resort to getting a payday loan or an emergency cash persona loan of some sort in order to make sure you have the money to cover life's emergencies.  However, if you had an emergency fund, you would not have to worry about getting the quick cash you need, when you need it.  Emergencies happen all the time.  You may need have an emergency car repair, or an emergency home repair, a funeral or a hospital bill that needs to get taken car of.  The worst case scenario is that you lose your job and you need money to keep you and your family afloat through tough, tough times.

Emergency Cash Fund You Say-Why?

No family today should be living on just one income without a savings.  You should have more than one stream of income coming into the household, or you should have a good emergency cash savings plan.  Your emergency cash savings plan is different than your retirement savings, however, it can be mixed into your regular savings.  As the rule goes, you should have enough saved to cover all of your household expenses for at least 3 to 6 months.  This means if it takes $1200 monthly to run your household, you should have at the very least $3,600 to 7,200 saved in an emergency fund to sustain your way of living for at least 3 to 6 months.  Whenever you take from your emergency fund, if you need emergency cash for anything, you immediately put it back.  Your emergency cash fund should always remain with at least enough cash to run your household or your portion of the bills for 3 to 6 months while you look for another job or source of income. Three to six months is a conservative estimate, especially in the times of economic turmoil, you should aim to save an emergency cash fund for up to 1 year of your monthly living expenses or the portion that you are responsible for.  Yes, that's a lot of money, but not when you think about the fact that this is money that you are saving up, and not touching unless you have an emergency.  Although you can combine both your emergency fund and your regular savings account, if it is easier to separate them, then do so to remind you not to touch your emergency fund money unless absolutely necessary. 

Why Should I Save Money For An Emergency Fund or Emergency Cash Fund?

You should have an emergency cash fund to keep you and your family safe during emergencies.  This is so you don't have to rush out and create more debt by borrowing emergency cash loans, or asking friends and family to loan you money so you can eat and get by.  If you need an extra $2000 for something, you have it in your own savings and emergency fund. 

If you have 3 to 12 months worth of rent or mortgage payments, that gives you a while to get another source of income to help pay for household expenses which may include you getting another job or another member of your household finding employment.  It's basically maintaining you in the lifestyle that you are used to even though you have lost your job.  It is having money you need when you need it, without going further in debt or having to beg your friends and family to help you out of a bind.  It could mean the difference between living in your home or your apartment and living on the streets.  Since most Americans are one paycheck away from homelessness, it makes sense that you should save money in an emergency cash fund. Don't live for today without thinking about tomorrow. An emergency cash fund is also a good way to make sure your family has liquid cash in case something should happen to the primary bread winner of the family. Plan now for tomorrow so when tomorrow happens, you and your family are covered.

Well, I Barely Make Enough Money Now- How Am I Going To Save For An Emergency Cash Fund?

Not making a lot of money is not an excuse for not having an emergency fund.  You just need to be strict about how you spend your money.  You may have to shop at second hand stores or dollar stores just so you can save those extra funds that you don't touch except in case of emergency.  Let's take for example the $1200 per month.  If you save $100 monthly from your pay and from saving on clothing, groceries and entertainment, you can save your 3 to 6 month emergency fund in 3 to 6 years.  Remember, this is money that you can't touch except in emergencies.  It's also money that you would not have had saved if you didn't make a conscious effort to save it. There are also other ways you can save for your emergency cash fund:

  • Save Your Tax RefundsInstead of using your tax refunds to pay bills or even buy that flat screen television you've always wanted, save every penny of it in your emergency cash fund.  Do this every year and you will see that you will soon have a good savings.  Once you have enough money in your emergency cash fund, you can continue to save this way for retirement and other things.  Remember, always plan for your financial future and don't get carried away with buying things today.
  • Get A Part-Time Job-Get a job that you can work weekends or evenings or even overnight so you can make enough money to fund your emergency cash fund.  This could be temporary until you meet your goal or it could be ongoing so you can keep on putting money in savings.  The more money you have saved up, the more comfortably you can live even if financial disaster strikes and you lose both jobs.  Learn about ways you can make quick cash: PRESS HERE
  • Get a Personal Loan To Fund Your Emergency Fund-This sounds weird but, you'll have that much money in your emergency cash fund instantly once you have gotten the personal loan.  So you don't have to wait years to save it up, you just now have to pay back the loan. However, you can use one or both of the above mentioned ways to save for your emergency cash fund to pay off your personal loan faster so you don't have to pay a lot of interest.

However you decide to do it, the point is to do it.  Don't wait until you are in an emergency situation where you need emergency cash right then!  Start an emergency cash fund savings plan today! You should also make sure you have prepare your home and your family for disaster and personal emergencies.

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