Emergency expenses are part of our daily life, and we may be exposed to them at any time without warning, so you may regret a lot if you do not have an emergency fund to avoid you facing additional problems when such crises occur.

Writer Christy Bieber - in a report published by the American Motley Fool website - says that not thinking about saving an amount of money in anticipation of sudden expenditures is a big mistake, and she believes that our emergency fund should contain an amount equal to between 3 to 6 times the monthly salary. .

And if you haven't saved up like that to face unexpected surprises, here are 3 main reasons why you should reconsider.

1. Additional pressures

The emergency situations that we are exposed to exert additional pressure on us, as they are among the events that leave unexpected negative results, and compel us to deal with them immediately.

When you encounter problems such as a car breakdown, job loss, or a health crisis, you will find yourself obliged to devote all your efforts to addressing the problem immediately, and under these circumstances you will be more tense if you do not have an amount of money previously saved for these cases.

This means, that you will make double efforts in order to borrow to get the required amount, and you will waste valuable time and greatly increase the pressure on yourself.

When you urgently need money to deal with an emergency situation, you may have to borrow usuriously with very high interest (Shutterstock)

2. Inability to borrow

You may think that it is easier for you to borrow money if you encounter an emergency problem, but this is not the best solution. If you lose your job, for example, lenders may lose enthusiasm and desire to help you, and they may not agree to give you a loan or credit card to cover your bills if you have no income. This is a big problem especially if you need to borrow a large amount to cover your emergency expenses.

3. Interest-based borrowing with high interest

When you are in dire need of money in order to deal with an emergency situation, you may face difficulty obtaining a loan, and you may have to borrow usury at a very high interest rate.

The high costs of interest that you have to pay due to the short-term emergency may turn into a long-term financial problem, especially if you fall into a debt trap that takes months or years to repay.

How to create an emergency fund?

You certainly don't want to run into an emergency without having an amount in advance, and here is the best way to create an emergency fund.

You can start with a small amount. Saving one or two thousand dollars can help you cope with most emergency situations in the short term, and such an amount can be collected from the tax deduction, or by reducing non-essential expenses.

Over time, you can increase your emergency savings and cover your needs for the next 3 to 6 months.