One truth that has dawned on me is the fact that we may carefully map out how things should go but we don’t have the power over what’s going to happen next.
A man saves up money, hoping to attain a certain amount in order to be able to start up a project but midway, he suddenly has to use the money to clear hospital debts for his sick mother.
A man planning to use his little savings pay his children fees suddenly has to use the money sort out a legal issue.
The reality of life is that as much as we try to be financially stable and independent, there will be emergencies, at least once in a while, that will keep us on our toes.
How Do We Prepare for Financial Emergencies?
1. Saving culture
One of the first ways to prepare for financial emergencies is to have a savings culture, which is being able to save something from any little one has. This starts by having an account or a separate purse to save into. This saving culture is the most reliable means of preparing for financial emergencies because one can easily access what one has in stock when the need arises.
2. Investment habit
For a lot of people who don’t really know how to save money and keep an eye off it, this is also another means of preparing for financial emergencies. Investment here means having things that can easily be replaced for cash when the need arises. Investment has to do with buying quality and durable properties. When the need arises, one’s quality property could easily be given up for sale in order to cover up. This method is reliable but may not be as fast as having a saving culture.
3. Friends circle
There are times when one’s savings is not easily accessible and there are no buyers for what one wants to sell, having a good and dependable circle of friends is also another means of preparing for financial emergencies. Having a circle of good and dependable friends starts from one being a honest, dependable and reliable friend.
Surely, the rain and storm will blow, but the house that’s been built on the rock will remain standing after everything. So will the story of those who wisely prepare for financial emergencies.
How do you prepare for financial emergencies? Do leave a comment below and don’t forget to subscribe to this blog to not miss a post.