When do you use your emergency fund?

[Nomad]

Emergency funds are normally created to help during financial emergencies. let's say you lose your job and you do not have any income source. If you have managed emergency funds, you will use your emergency funds to pay the bills until you build your income. Or, let's say you had an accident and you need money for immediate medical attention, if you had maintained emergency funds, you would not have a financial crunch. Creating an emergency fund is crucial, especially if you rely solely on a monthly income and do not have a secondary income source. Emergency funds will ensure financial stability during unforeseen circumstances.

 

[Grant]

I have only dipped into my emergency fund when there was family emergencies or other serious emergencies that need immediate attention. Otherwise I don't ever spend from that fund. I keep it active in case anything bad happens.

 

[Yaqoob Habib]

Emergency funds are normally created to help during financial emergencies. let's say you lose your job and you do not have any income source. If you have managed emergency funds, you will use your emergency funds to pay the bills until you build your income. Or, let's say you had an accident and you need money for immediate medical attention, if you had maintained emergency funds, you would not have a financial crunch. Creating an emergency fund is crucial, especially if you rely solely on a monthly income and do not have a secondary income source. Emergency funds will ensure financial stability during unforeseen circumstances.

As inflation is increasing, we often face such a problem that we fall short of money, if we save extra money and get rid of our inflation.How did the paper come? I too had to face a similar situation but I had saved emergency funds which came in handy when needed.