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PERSONAL

Episode 19: Have you saved for a rainy day?

EDITOR IN CHIEF

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Have you saved for a rainy day? I mean do you have enough money to set aside to make your living expenses in the event that you lost your job?

In 2013, ING bank did a survey with frightening results. They discovered that the average Australian would run out of money in just six weeks, I believe that in the united states it’s as short as 4 weeks. It’s a very serious problem! Even though their unemployment rate has come down, since the global financial crisis, it still takes more than 32 weeks to get a job.

They run out of money in just 4 weeks.

The truth is, a lot of these financial problems can be avoided by simply setting up an emergency fund.

An emergency fund contains cash in it to make it available in the event that you find yourselves unexpectedly unemployed or your two income household looses one.

Just think for a moment, where will you get the money if your car urgently need $2,000 of repairs? Many people wouldn’t have the money, or would just charge it to their credit card. All these pain and stress can be avoided by setting aside a separate bank account that you only touch in the event of an emergency.

There’s great quote in Proverbs 27 that says this, “A sensible man watches the problems ahead and prepares to make them, the simpleton never looks and suffers the consequences”. 

So join with me in sensible planning ahead, by setting aside some money for a rainy day. Your finances will be in better shape because of it and your family will thank you for it.

Related: Practicing Stewardship and Budgeting

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