Raising a family is expensive and unexpected expenses arise all the time. Because of this it is extremely important to always have an emergency fund. The following reasons are some of the unexpected expenses that can arise and create stress and anger within a family. If you have an emergency fund then you will be able to handle the majority of emergencies that come your way.

Health Expenses

Co-pays, deductibles, medicine and other health related expenses are incredibly expensive. Add more than one sick member of the family and you will be looking at a lot of money you might not have been planning on spending. Luckily, if you have an emergency fund you can fall back on it to help you through the tough times.

Travel Expenses

Occasionally, unexpected travel expenses occur. Your child could be ill and need to see a doctor in another city or state. Or, there may be a death in the family that requires you to travel and stay in a hotel. For whatever reason, if unexpected travel arises you will have some money to fall back on and use.

Education Expenses

With children in school there are always extra expenses you hadn’t planned on. Field trips, registration fees, resource fees, teacher gifts, fundraisers and the like can all add stress to your finances. If you have an emergency fund you can fall back on then you won’t be as stressed out or embarrassed.

These are just a few reasons why you need to have an emergency fund. However, it is really important for other reasons, too. What if your car breaks down? Or, what if you lose your job and can’t pay your bills? These are all possible considering the state of the economy and a few of the reasons why it is so important to have an emergency fund to fall back on.

Posted in Home Budget

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