As part of your budget and being financially smart, you decided to take the extra money you earned and stick it in savings. You probably feel much better knowing you have that money to use just in case you need it. Experts in finance recommend having at least $5,000 to $10,000 set aside in case you needed an emergency savings fund to cover essentials for a few months.
But the problem sometimes can be knowing whether or not you should use that money. There are some situations where it might not be the smartest thing to do.
1. Holiday Expenses
It is understandable that certain holidays like Thanksgiving and Christmas can be quite costly, and even more so if you’re going to be hosting guests at your place. But holidays are not emergencies even if items like Thanksgiving turkeys and Christmas presents start eating into your finances….