Why an emergency fund could literally save your life

Even in the boom times it appears that more and more people in the UK were still spending more than they actually earned which was in effect building up substantial debt problems for the future. As the boom times continued to roll, more and more people began to subscribe to the feeling that these times would last forever and allow more people to "enjoy" the high life. How useful would an emergency fund have been today?



As many in the UK look back over the last few years unable to understand where there substantial incomes have gone, a number are kicking themselves that they did not put aside money for a "rainy day". Even just a hundred pounds a month would have made a substantial difference over the medium to longer term and given many people in the UK breathing space through these difficult times. While on the face of it a number of people may not have been in a position to save for an emergency fund, if we are honest the vast majority of us could have at least put something away?



Even just a few hundred pounds could be the difference between more financial distress, and possibly worse, and a relatively stable financial situation. When the good times do rollback it may be worth thinking about putting aside money on a regular basis for your very own emergency fund.