Want to avert unnecessary future monetary emergencies? Start saving your emergency money today.
Hi there, it is Sir Chike here once again. I am very sure you are doing just fine wherever you are now reading this.
Feel free to share with us about your current state of health (if you wish) before writing about your thoughts on this topic.
The reasons why you will need to start saving money for any emergencies will be discussed in a brief touching story I will be sharing with us.
Before that, let’s understand what Emergency Money is all about.
Emergency and money are two different English words joined to form a single word separated by a space.
An emergency is an unexpected situation that occurs during an individual’s unconscious state of mind.
Money is a legal tender. It is a socially recognized means of buying and selling goods and services.
Blending the two words, emergency money is any kind of money used or spent for the sake of an emergency.
It can also be seen as the value sacrificed to attend to an emergency.
For a clearer illustration, emergency money is the money you have saved for a long time to serve the purpose of fitting emergency bills.
Below is my story on why you should start saving money for emergency
Saving Emergency Money (story)
In 2014, I got admission into Alvan Ikoku Federal College of Education Owerri, Imo state.
Life was moving smoothly. My dad was well-to-do. Regularly, he sent me money.
One thing I did while in school was to meet a welder around that area that would construct a save box (piggy bank) for me.
We settled at a price and produced it within the agreed period.
I usually divide into two all the allowances my parents sent me.
Half I used for my feeding and the other half was sent into the save box (piggy bank).
For the 4 years I went to school, I never stopped to divide my allowances into two.
Finally, I graduated from school and got a job.
In the first job I got, I was paid 20k every month. Below was how I divided the monthly salary.
- 10k was sent into my bank account.
- 2k was sent into my save box (piggy bank).
- 5k was squeezed out for my feeding.
- The remaining 3k was kept for any emergency. So I called this one, emergency money.
When I landed my second job, the pay was double what I was paid in my previous job.
Below was my strategy for spending the new monthly pay.
- 15k was sent into my account
- Send family 5k every month.
- 8k for my feeding and clothing
- 7k was sent into my save box.
- 5k was kept for possible emergencies.
This was how I continued saving my money until I landed my third and fourth jobs which paid higher.
There came the mighty wind of Covid-19 that sent the whole world into an ice state.
The pandemic caused lots of havoc not just in my country but also, in the global world.
At this time, it was too difficult to find food to eat.
I called home and my father told me that nothing was available.
There was no money from anywhere. At this point, I decided to visit my save box (piggy bank).
The truth is that I never knew how much I had in there.
I was able to break the box and took my time to count the money.
You can never believe that my small savings box was able to save close to 3 million.
I am not adding the 7 million I already had in my account.
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I was so happy with my achievements so far. It was my dream to start a poultry farm and support it with my current job where I earn nothing less than 75k monthly.
During that moment of Covid-19, I bought a plot of land for 2.5 million and constructed a mini poultry farm. Putting the farm in place cost me nothing less than 4 million.
I brought out 1 million for myself and my family. The remaining 1 million was used to buy birds when the lockdown was finally lifted.
I regularly sent my parents money for their upkeep while we waited for the government to lift the ban on movements.
After the lockdown, I started my poultry farming and honestly, it was tedious at the start but finally kicked in.
In 2 years, I was able to realise x4 of what I spent during the Covid-19 era.
I have already built a house. The plan now is to get married to the love of my life who will also support the farm.
Mind you, I have not quit my first job. That was it.
This was how my saved emergency money helped me in starting a bright future for myself and my family.
Start saving emergency money now
If you have not started saving your emergency money, this is the time to start.
You might not need a saving box (piggy bank) to do that. Which might be as a result of fear and what have you.
There are many ways you can do this.
- Create a new bank account dedicated to emergency money
- Seek the bank’s advice on how better to start saving up in case of any emergency.
- You can create an account with Piggyvest.
There are many ways you can save your money even without using the method I applied during my days in university and after university.
The truth is that I am still saving up money for any emergency with my old piggy bank.
For now, I don’t know how much that is inside of the box.
The funny thing is that while I am still saving money with my old savings box (piggy bank), I am also saving with Piggyvest.
That is to say, I am currently having two emergency money savings. One is my savings box and the other is with Piggyvest.
Wrapping up
No one prays for negative emergencies but the truth is that emergencies will always happen.
This is why it is advised to start saving your emergency money as soon as possible.
They say that to be forewarned is to be forearmed.
With the above, I am sure you have already made your conclusions.
Emergency monies go a long way in boosting or saving people’s lives.
Making savings a habit will save you from many unnecessary spendings etc
Hope this article that encourages you to start saving your emergency money was helpful. Please feel free to leave us your comment(s).
