Dial your emergency savings up to 11
I’ll try to keep this as light as possible, but recently I was admitted to A&E following a severe headache.
I’m pleased to share that I’m absolutely fine now, though I did have to have a lumbar puncture to determine the presence of any xanthochromia in my cerebrospinal fluid.
In layman’s terms, I had a needle stuck into my back to rule out any potential bleeding from the brain that might’ve travelled down my spine.
Fortunately there wasn’t, and I was discharged when the results came through – but not before I learned three things:
- A lumbar puncture is more commonly known as a spinal tap;
- I’ve just taken my Scrabble game up to the next level;
- Unforeseen emergencies are exactly that, unforeseen, and we need to be prepared for them.
I was lucky on this occasion, and was able to return to my regular day-to-day life within a few days. But of course there are others who are less fortunate, and sadly there are companies out there who are less understanding if an employee needs to take extended leave…
We in the UK are extremely privileged to have the NHS in times like these, ready and able to look after our health in an emergency. But who looks after our wealth? The answer’s not always so cut and dried…
For example, there are more than five million self-employed people in Britain, according to the Office for National Statistics, earning an average of £781 per month. Being unable to work for weeks while recovering from an illness obviously results in a huge hit to their take-home pay.
There are often additional costs to recuperation, too, a common one being the cost of prescription medicine, which isn’t always a one-off necessity…
That’s why I wanted to stress the importance of an emergency fund today. Putting aside a portion of savings in case of unexpected circumstances not only helps should that situation arise, but also helps provide peace of mind that finances shouldn’t be an additional worry at that time.
Obviously, the emergency may not be medical – there could be a traffic incident where one might need to pay the excess fee to the insurer, for instance. If unprepared and without any savings put aside for moments like this, trying to source that money can be extremely difficult.
I could go on and on with plenty of other examples, but I did promise to avoid getting too heavy (despite the serious nature of the topic) – so allow me to end on a brighter note, and thank the NHS for all they do day in, day out. For they are truly Heroes!