Build Your Emergency Savings
Do you feel frustrated whenever you are in need of money urgently but with nowhere to turn to?
Do you often end up taking an unexpected loan to foot your medical bills, home repairs, car repairs, etc.?
What about when you suddenly lose your job? Do you find it difficult to take care of your daily expenses?
Save yourself these stresses by having an emergency fund.
Have you ever wondered why it doesn’t seem impossible for some people to get money easily for such emergency payment? The answer is because they have an emergency fund. What then is this emergency fund? In short, an emergency fund is a savings solely for purpose of footing unexpected bills.
If so, how much do you need in your emergency account at any point in time? Most financial experts recommend that one should have a minimum of three to six months of his or her monthly expenses in his or her emergency fund account.
So take a break and do this exercise: Make an estimate of your monthly expenses. Do you keep records of your monthly expenses? If yes then you’re good to go. Calculate your accumulated expenses for 3 to 6 months. Voilà!!! That is the minimum amount you need in your emergency fund account. If you don’t have that record, then try and recall your routine monthly expenses and record them before using it for the calculation. Hence, the minimum balance you need in your emergency fund account varies individually
Are we implying that an emergency fund is different from normal savings account? The answer is no. The policies regarding savings account varies depending on organizations. Therefore, before opening a savings account, make enquires and choose the account whose terms and conditions make that of the purpose of an emergency fund.
It may seem difficult at first to make such savings, but the end result is worth the effort.
Where then is the best place to hold your emergency fund account? If you want value for your money with time, then choose an organization that gives high interest rate on savings account, no charges on withdrawal, with easy and convenient access to banking services. Don’t forget to also verify how secured the organization is.
A stitch in time saves nine, so take the step and open a savings account for your emergency bills. Join the Cocoa Research Co-operative Credit Union (CRCCU) Ltd. today. We offer you the best savings product with high interest rate on savings account, no account maintenance fees, no charges on withdrawal, with easy and convenient access to our banking services. Your money is also secured with us since we have a Certificate of Affiliation with Ghana Co-operative Credit Unions Association CUA Limited and a Certificate of Registration from the Registrar of Co-Operative Societies Ghana. Visit us now on www.crccugh.org or send us a mail via info@crccugh.org or contact us on 0302292400 for more information.
