As a parent, it’s your job to make sure that everyone stays safe and well taken care of. Part of ensuring that your family has a safety net in case anything should come up is having a savings account to draw from.
Even though you may not have the world’s biggest salary to save hundreds a month, it’s still important to make an effort to save. Even the smallest amounts can add up to a big number after a long period of time.
Here are some of the biggest reasons why you may need emergency savings for your family.
You never know when someone in the family can get sick or hurt themselves, particularly when you have kids. Since kids are often accident prone and frequently getting into accidents, many parents find themselves in the emergency room several times a year.
Being able to pay for their needs should they require equipment or specialized care gives you the peace of mind knowing that your family is well looked after. The last thing that you need to be worrying about during a medical emergency is how you’ll be able to pay for it.
Unfortunately, cars are unpredictable machines. Even a new car can suddenly develop a problem which calls for thousands in repairs. If you aren’t able to cover the costs of getting it fixed, your entire life can come to a grinding halt. For most people, not having a car means not being able to get to work or take your kids to their extracurricular activities.
It’s in your best interest to ensure that you’ve got a nice amount of savings put to the side for instances like this since car repairs are rarely less than a few hundred dollars on the lower end.
Last Minute Travel
Sometimes things can come up which call for us to travel last minute. As a result, you may have to buy a ticket with only a few days to spare which means the price is astronomically higher than usual.
A ticket which may typically cost only a few hundred dollars can be several thousand when purchased with just a few days notice.
Life has a funny way of making everything go wrong all at once. A pipe will burst then suddenly a tree falls onto your house. As they say, when it rains it pours. Since your home is where your family spends most of their time, it’s crucial to make sure that you can pay for any last minute repairs.
Otherwise, you and your family could find yourself without your basic needs such as electricity or hot water.