Creating a savings account is an appropriate and necessary part of family planning. Situations will occur throughout life for which you simply aren’t prepared. The funds that you put in your savings account can provide you with the means to receive the various “help” that you will need during these crucial times. The following are some examples of those times:
Automobile Breakdowns
You never know when the family vehicle is going to break down and prevent you or your spouse from getting back and forth to work to support the family. The funds in your savings account can pay for the help that you receive from auto mechanics and car rental companies if you can’t go long without your vehicle. Some of it can go to public transportation like buses and trains if you prefer to travel that way while the workers are fixing your vehicle.
Physical and Mental Illnesses
Another unfortunate incident that may fall upon you is an illness. You never know when something will strike you and cause you to be unable to perform your work duties or care for your kids. In that case, you will need funds that can pay your mortgage and medical bills while you are incapacitated. You could use the funds to pay for home health care help or therapy so that you can get better, as well.
The Aftereffects of Childbirth
The period after you bring a baby into the world is a stressful time when your entire family is trying to adjust to the abrupt changes. The funds that you save can pay for midwife help, a housekeeper or any other type of personal assistance that you need as a new parent.
Natural Disaster
Natural disasters are situations that no one is ever prepared for. Things like tornados, hurricanes, tsunamis and like occurrences don’t usually provide much of a warning before they come. You will need lots of help if your family ever falls victim to a natural disaster. YOu’ll need food, shelter, clothing and other items. An emergency fund can help you to get the things that you need so that you can survive.
Car Accidents and Other Personal Injuries
Personal injuries are incidents that no one ever expects will occur. They are situations like slip and fall incidents, animal bites, work injuries and car accidents. The thing that makes these incidents personal injuries is that they involve neglect. Someone’s negligence allowed these incidents to happen, and that resulted in someone’s injury. Seriously injuries from an accident can be helped by a professional personal injury attorney. This person can fight for the compensation that you deserve. In the meantime, your savings account will provide you with the funds to survive until the lawsuit is over.
Jail and Bond
Your savings fund can provide you with the monies that you need if you are one day arrested and have to pay a bond. Since you never know when a police entity is going to accuse you of a crime, it’s best to have some finances in place to cover it if it happens.
Criminal Victimization
You may fall victim to a crime like identity theft, robbery car jacking, debit card fraud and the like. If those funds are in a safe institution, you can use them to bounce back from the incident. You can also use them to pay the lawyer who can help you persecute the offender to the fullest.
Job Loss
Finally, job loss is something that can happen unexpectedly and cause a lot of money to leave your life. You can prevent some of the devastation by saving money and getting prepared for it if it does happen.
Now you know some good reasons to get yourself a savings account that you can dip into to pay for bits of help. Start creating your safe pocket today. You owe it to yourself to do so.