An emergency fund is an essential safeguard against a loss of income or unexpected expenses (in our earlier article on Why You Need an Emergency Fund, we listed several expenses that can catch you off guard). But an emergency fund will do more than simply prepare you for the unpredictable. In this article, we explore several other ways that an emergency fund can benefit you.

We often hear that failing to plan is planning to fail. This is particularly true when it comes to our finances. As humans, we tend to feel optimistic about the future and, as a result, most of us don’t start each year anticipating fender benders, job losses, geysers bursting and medical emergencies – or pandemics, for that matter. 

• Why have an emergency fund?
• Where to keep your emergency savings?
• Review your emergency fund regularly
• Breaking the barriers and getting started

It’s said that money can’t buy you happiness, but that depends on your definition of happiness. If happiness means peace of mind, money certainly is a factor. Having a solid emergency fund can give you peace of mind by reassuring you that you can manage unforeseen expenses. By minimising financial stress, you can even improve other areas of your life; the real value of an emergency fund extends far beyond the rands in the account.

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