Life throws your curveballs like it’s a baseball match. One minute you are balling, the next minute, trouble is knocking. This is where vex money (emergency fund) comes in to save the day.
What is Vex Money?
Vex money is that extra cash you keep aside for when life throws you a curveball. It’s your financial safety net, your go-to person when things go south. Imagine having that peace of mind when unexpected bills or wahala hit?
Why You Need Vex Money:
· Avoid Debt Stress: Nobody wants to borrow left and right because of unexpected expenses. Vex money will save you from debt wahala.
· Sleep Well: Knowing you have that emergency fund will give you sweet dreams. No more tossing and turning about potential financial disasters.
· Seize Opportunities: Sometimes, life presents golden opportunities. With vex money, you can grab them without hesitation.
How Much Vex Money You Need:
Aim for 3 to 6 months’ worth of your expenses. But remember, everyone’s situation is different. If you have dependents or your job is shaky, you might need more.
Where to Keep Your Vex Money:
· High-Yield Savings Account: Earn small interest while keeping your money accessible.
· Money Market Account: Higher interest rates, still easy to access.
· MyInvestar: Earn good returns and maintain easy access to your funds.
Avoid:
· Risky Investments: Your vex money is for emergencies, not gambling.
Building Your Vex Money:
· Start Small: Even ₦5000 is a start. Every little helps.
· Automate Savings: Set up automatic transfers to your savings account.
· Cut Back: Find areas where you can reduce spending and divert that money to your vex money.
· Use Windfalls Wisely: Bonuses, gifts, or unexpected cash? Boost your vex money!
Building an emergency fund is like building a strong defence. It might take time, but it’s worth it. Your future self will thank you!
