Unexpected Expenses
One of the reasons that people choose to have an emergency fund is to deal with unexpected expenses. You never can tell when your hot water tank will go on the fritz or your car will need hundreds or thousands of dollars in repairs. This is why you should keep some money tucked away in a bank account or even locked away in your home.
Prepare for Setbacks
Another thing that your emergency fund can do is to help you to prepare for financial setbacks. Financial setbacks can come when things happen like unemployment, unexpected illness or accident and any number of other things. This fund can really be the difference between getting through a financial setback and the chance that you may be facing financial disaster.
Gives Peace of Mind
Finally, you will find that having an emergency fund will help you to have peace of mind. With an emergency fund, you will have the money put away that you may need in the future which will take pressure and stress off you, will help to minimize any strain on your family relationships and you can go into any situation knowing that you have a financial cushion that can help to soften the blow, in case anything unforeseen occurs.
Fortunately there is another route that you can take if you haven’t yet set up your emergency fund…you can get a car title loan. Embassy Loans is one of the leading companies in Florida for car title loans. They don’t care about your credit nor your employment status, they simply want to ensure that you get the money you need in the case of an emergency. For more information on car title loans and to see if you qualify, contact Embassy Loans.