When we are struck with sudden costs such as health or home related, we tend to struggle to find the money to pay for the “emergency” that has arose.
Even if living costs are being met when the odd change of circumstance occurs, it can have devastating effects financially for the long term if you have to borrow emergency money at high rates.
People should save an emergency fund or have a way of accessing emergency money through insurance or even friends or family. In a world that is ever more technological and fast moving, accidents and break downs of all types of equipment are more likely. Yes, even the breakdown of our own bodies.
If your financial situation does not allow for you to think about a budget for a rainy day fund, or emergency cash fund, then consider how you can increase your earnings to enable you to save that few extra (£) pounds per week or month. When you have the small fund you will feel as though you have achieved something, test us to see if we are wrong!
The important message within this blog post is “Get your rainy day fund in order, or start one today!”
If you are struggling with personal debt and think that you would benefit from a confidential conversation with a trained debt advisor, call our personal debt helpline today using 0800 018 6868