WHEN you’re living from pay cheque to pay cheque, the idea of saving for a rainy day can seem like a pipe dream. But if there’s one thing we know for sure, it’s that there will always be rainy days.
Unexpected medical expenses, car repairs, a school trip you hadn’t planned for – financial curveballs come in many forms and it definitely helps to be prepared for things that are not included in your monthly budget.
When the unexpected happens, we need to ensure it’s not financially ruinous, says Simon Brown, founder of trading and investment education platform Just One Lap. “Even a small unexpected bill could see us having to go to a loan shark or sell assets or investments.”
“You also need an emergency fund to carry you in the event of losing your income,” says Gugu Sidaki, director and wealth manager at Wealth Creed.
THREE REASONS YOU NEED IT
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