"Most people don't plan to fail, they fail to plan."
Shit happens. Most of the the time, it happens unexpectedly. The question is.."are we ready or prepared for an unexpected expense?"
An emergency fund is your safety net: in case you get sick or lose your job you can use your emergency savings to hold you for a few months until you can find a new job.
Most Filipinos today don't have a savings account or emergency fund.
If you don't have an emergency fund equal to three to six months worth of basic living expenses, you're living on the edge. There's no time like the present to get started.
Without an emergency fund, you may be forced to incur credit card debt that could take you many years to pay off and end up costing you much more in the long run.
You never want to be in the position where you have to buy daily necessities like food, transportation, and housing on credit. Imagine still making payments on groceries you bought (and ate) three years ago, at 10-18% interest. Pretty depressing.
