10 Worst Mistakes People Make With Their Finances

7) Not Having an Emergency Fund

Having an emergency fund is very similar to having a savings account, but the major difference is that an emergency fund is more easily accessed and better kept in cash form. Cash is instant money, whereas bank transfers, deposits, and withdrawals can all take time and require travel or authorization. Emergencies typically don’t have much time to spare, so having a secure and hidden stash of cash is important, especially if you have a family or run a household. Not having an emergency fund can be a major financial mistake in the event of a natural catastrophe or injury. It is always better to be safe and prepared to ensure your personal well being as well as those around you. An emergency fund should be strictly for urgent situations and never touched less the moment calls for it or you are simply adding to the total amount.