When you were young, your parents may have nagged you about the importance of saving money. And now that you're a full-fledged adult, you’ve probably seen your share of personal finance articles touting the importance of having cash in the bank.
If you’ve never had a financial emergency strike, then you may be of the opinion that saving money isn’t all that important. After all, why save when you can borrow as needed? But borrowing money means racking up interest charges, hurting your credit, and causing yourself a world of needless stress. A better bet is to have money on hand in case unexpected expenses strike -- specifically, enough money to pay for three to six months of essential living expenses. That’s what a solid emergency fund looks like, and here are several reasons why you really need one.
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