unemployed for several months
Emergency fund is the money set aside to cover up unforseen events like unemployment, sickness, house renovation, etc. I set aside 3% of my income to build this fund.
I've been unemployed for several months now, and hardly go back to work considering I have 3 kids to take care. I was aiming to go overseas to find better future for my family but my visa has been denied and I have no choice but to wait for the process of re application. This is the longest span of time that I am not employed, good thing that I was able to set aside small percentage of my income when I was still working. Portion of this I am thinking to invest in ethrade to have atleast some pesos that are coming for our expenses.
I am thankful that I was able to save for emergency fund, I didn't expect that I will be using it too soon.I was expecting to have this tap up to my investment before. Since I was thinking it is ridiculous to have emergency fund but yes my mentor was right.
Agree @mitchelle the concept is very important. I started when my wife got sick a few years back and we did not have money for hospitalization. Till now that we are doing a bit better, we have 6 months worth of our lifestyle set aside for emergencies.
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Yes it really help us cope with expenses.
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