reasons for needing an emergency fund

8 Reasons You May Need An Emergency Fund

An emergency fund is an account where you build up cash over time to solve any problems that are unexpected and stressful. This is particularly useful because the last thing you want to worry about in an emergency is the money to pay for it. Let’s cover 8 reasons you may want to start an emergency fund today, plus how loans in Delaware can supplement your emergency fund when the urgent issue you’re dealing with needs more cash.

8 Reasons To Start An Emergency Fund

1. Job Loss

Whether your job is naturally inconsistent, or you have a long-standing, reliable position, having an emergency fund in case of job loss is critical. An emergency fund can cushion the effect of possibly losing your job, or your partner losing their job. It gives you more power against troubles or expenses that you may face.

Typically, financial experts recommend having six to eight months’ worth of expenses set aside, just in case. It’s better to have more than you need, just in case it takes you a while to find a new job.

2. Home Repairs

Unexpected home repairs tend to come with a hefty invoice at the end. But such expenses don’t have to catch you off guard. Your roof might need replacing, or your furnace may go out, and urgent repairs need to be immediate. This is when your emergency fund comes in handy.

By having an emergency fund to dip into, you can save yourself the headache of having to scramble to cover the cost.

3. Car Repairs

Getting to and from work, taking your kids to school, or going to essential appointments are non-negotiable. If you get a larger bill than you expected, or your car dies altogether, an emergency fund can help you get your car road-worthy again, quickly.

4. Injury or Illness

Taking unanticipated time off work because of an injury or illness can be tough on your finances, but not when you have an emergency fund. While recovering from surgery or an illness, having an emergency fund as a cushion can ease financial worry.

why you may need emergency fund

5. Unexpected Emergency Travel

When you live far from family or close friends, there may come a time where you'll need to travel to them on short notice, but it’s not easy to predict when.

Putting money aside in an emergency fund just in case you need to travel to see loved ones on short notice helps you find the financial means you need at such times.

6. Veterinary Bills

Your pet is a member of your family, and you love it with all your heart! We know that you're going to do all you can to help them stay healthy. An emergency fund is essential for medical reasons, whether it’s for you or for your pet. If you have an account of cash for moments like this, there's no need to put in a lot of overtime at work.

7. Major Dental Emergency

It’s important to take good care of your teeth, which means not putting off treatment when you have impacted teeth or need a root canal. Dental issues are best treated quickly, so having the cash to afford such treatments can be very important.

8. Natural Disasters

While we always hope they never come our way, things like earthquakes, hurricanes, wildfires, and tornados can cause havoc. But a good way to stay on top of these disasters is to have enough funds to make it through them and emerge with the ability to be on your feet again.

get car title loans

What If An Emergency Fund Isn’t Enough?

Sometimes, your emergency fund can’t cover it all or you haven't saved up enough yet. In those situations, getting car title loans in Delaware from Delaware Title Loans, Inc. is another option for urgent expenses.

What Are Title Loans?

A title loan is a loan you can receive by using your vehicle as collateral. With car title loans from Delaware Title Loans, Inc., you can borrow anywhere between $300 to $15,000. 

Delaware Title Loans, Inc. makes getting a title loan simple. All you need is:

  • Your driver’s license or state I.D.
  • A lien-free title to your vehicle.
  • Your vehicle for inspection.

What Are The Benefits Of A Title Loan?

Regardless of what your credit looks like, you can still get Delaware car title loans, and there are multiple locations all across Delaware for your convenience.

The whole process can take as little as 30 minutes. The process is simple.

  • Once you’ve spoken to the representative and they have answered any questions you may have, you can bring all your required documents to your nearest Delaware Title Loans, Inc.’s location.
  • You will then sit down with the representative who will conduct the vehicle inspection and verify your I.D. and car title.
  • They will then assess your qualifications, and if you’re approved, you can get your loan that same day.

You can drive away with your vehicle in your possession and have the cash to deal with any emergency that comes your way.

Submit Your Online Car Title Loan Form Today

If your emergency fund is not enough to get you through a financial struggle, Delaware car title loans are an option. Fill out our online form to start the process of getting your title loan today. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Peyton Sawyer

Peyton Sawyer learned to navigate through the world of finance the hard way. After living a comfortable life as a homemaker, she became a single mother of three without warning. Through trial and error, she found her way back. Now a savvy financial consultant, she is helping others find financial security.