It's Good To Have An Emergency Savings Fund


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Home \| Finance \| Personal Finance It's Good To Have An Emergency Savings Fund By: Jet Lee <a href='http://ads.traffickingenterprises.com/www/delivery/ck.php?n=a2034931&cb=977' target='_blank'><img src='http://ads.traffickingenterprises.com/www/delivery/avw.php?zoneid=11&cb=977&n=a2034931' border='0' alt='' /></a> Dave Ramsey is advocating the advantages of having an emergency fund. Recently, I got to see the benefits for myself. It's always useful to have some money readily available for unforseen events. A few months ago, the better half got into a car accident. I found out a few years ago that having a low collision deductible on one's auto insurance doesn't serve any purpose. Your annual premiums turn out higher so if you don't have an accident every other year, you end up paying more in premiums over the long run. Accordingly,Based on this premise I set the the deductible for collision on our auto-policy at a very high $1000. Since the accident was judged to be no one's fault (of course, its hard to believe that my wife didn't see a 40 foot truck and sideswiped it), we're responsible for the full $1000 deductible. Uh oh! So I dropped off the car at a body shop and got a rental for my wife . Soon after, I got into an accident myself, which I admit was with a doubt my fault. I've been driving for 15 years and this was the only vehicular accident I've been in. Sadly that's another $1000 for the deductible expenses.Double Ouch! We also got an surprizing $600 bill from the doctor for tests that my wife's insurance didn't cover. Additionally, we had some more sundry expenses that weren't budgeted for. In total, we were facing about $3050 worth of extra expenses in the past month. If we didn't have a sufficient emergency fund, we'd be strapped for money. Similar to those unlucky people who need to access payday loans. It's always a smart idea to have several months worth of household expenses readily available in case of unforseen events! Article Source: http://www.articlekingpro.com The author maintains Payday Loans Must Die, a blog about loans and how to become debt-free. Please Rate this Article Not yet Rated Click the XML Icon Above to Receive Personal Finance Articles Via RSS! Additional Articles From - Home \| Finance \| Personal Finance Tips Of Finding The Right Cashback Credit Card - By : Charles Bretz Benefits Of Gold Credit Cards - By : Charles Bretz Easy Ways To Save Money At Home - By : Matt Chang Prepaid Cards Are A Safe Alternative - By : Charles Bretz What Is Secured Credit Card? - By : Charles Bretz Important Information About Unsecured Credit Cards - By : Charles Bretz Criteria For Obtaining The Student Credit Card - By : Charles Bretz Budgeting 101: A Beginner's Guide - By : Ki Gray Building Your Emergency Savings Account Begins with the Golden Rule of Savings - By : Knowing Your Mastercard Credit Card - By : Charles Bretz	Sign Up for a free Article King Pro account or learn more. Submit Articles Member Login Top Authors Most Popular Articles Submission Guidelines Ezine Notifications Article RSS Feeds About Us Link to Us Contact Us Copyright & DMCA Privacy Policy Terms of Service <a href='http://ads.traffickingenterprises.com/www/delivery/ck.php?n=a1c77b4f&cb=749585' target='_blank'><img src='http://ads.traffickingenterprises.com/www/delivery/avw.php?zoneid=12&cb=749585&n=a1c77b4f' border='0' alt='' /></a> Most Recent Articles Tips Of Finding The Right Cashback Credit Card - By : Charles Bretz Benefits Of Gold Credit Cards - By : Charles Bretz Easy Ways To Save Money At Home - By : Matt Chang Prepaid Cards Are A Safe Alternative - By : Charles Bretz What Is Secured Credit Card? - By : Charles Bretz Important Information About Unsecured Credit Cards - By : Charles Bretz Criteria For Obtaining The Student Credit Card - By : Charles Bretz Budgeting 101: A Beginner's Guide - By : Ki Gray Building Your Emergency Savings Account Begins with the Golden Rule of Savings - By : Knowing Your Mastercard Credit Card - By : Charles Bretz