Ask Leo :is emergency funds a necessity as an individual and in business?

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Emergency is a situation that can happen to any body at any point in time it is an unforseen circumstances that always need an urgent or instant attention it could be physical, business, Investment.

What dou you understand by funds ?

Generally fund can be defined
a sum of money saved or that is made available for a particular purpose at a particular period of time .

Now let's talk about the two variables together fund and emergency that bring about (emergency fund)
Emergency fund is very important and it is very necessary for a every individuals and also for business people or investors

What is in an emergency fund?

An emergency fund is a money or cash that is reserve or specifically set aside for an unforseen circumstances or an unplanned expenses
It can also be explained as a fund for a financial safety for future mishaps or unexpected expenses.

Why is emergency funds important ?

An emergency fund is essential and very important money that allow you to live for a few months Incase anything happen all of a sudden or you lose your job or pay for something unexpected that comes up without going into debt.let me use my situation as an example
Just yesterday i was complaining i have no money on me and we needed to fix something in the house and we deliberated on it but in the evening by baby girl started running temperature 🌡️🤒 and we needed to attend to the situation with immediate effect remember i have no money at hand but for this i have some amount of money i kept somewhere for such occurrence this money is called emergency fund if you have not been doing this as a person it is better you start now because it will save you a lot of stress and embarrassment emergency fund has been a life saving for me .

Examples of financial emergencys

car damage, unemployment, medical treatment, property damage, or family emergencies e.t.c

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