Five crucial reasons to maintain a savings account

By Sensible Life Editorial Staff
Published September 9th, 2009

Many of us know the importance of having a savings account to have a cushion in case of emergencies, but we rarely take it as seriously as we need to until something drastic happens.

1.    Medical bills –I recently had pain in my knee that started mild one day and by the end of the day I couldn’t walk on my right leg. Turns out it was a staph infection that we are still at a loss as to how it got there. This required a rigid regime of treatment including surgery and ongoing antibiotics that cost $600 per week after insurance.
2.    Natural disasters –Our region was hit by serious flash flooding on August 4th, leaving thousands of people with ruined carpeting, walls, possessions and vehicles in need of replacement. For many, insurance does not cover ground water unless you have specifically paid for flood insurance.
3.    Pet care –On two occasions, we have had drastic medical bills for our dogs. One had a vein severed in her tail and treatment ran into the thousands. The other had to have emergency surgery for a blockage from a piece of a chew toy. Surgery and treatment ran around $2500.
4.    Family emergencies –sometimes health issues, or even a death in the family can make emergency travel necessary. It’s important to have the resources available to be able to make that trip without it putting a strain on the budget.
5.    Appliance replacement –You never know when your water heater, central air, furnace, stove or refrigerator will go out on you. With a dishwasher, or washer and dryer, you do have alternate means to get the dishes and laundry done until you can budget these items in, but with those former mentioned items, most are crucial to daily living.

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