Why You Need an Emergency Account—And How to Build One

Life is full of surprises—some good, some challenging. According to financial evangelist Nelson Semanu Boandoh-Korkor, having an emergency account is like building your financial life on a solid rock. When storms hit—unexpected bills, job loss, or business setbacks—you’ll have a safety net to keep you afloat. Here’s how to secure your financial future.

Why an Emergency Account Matters

Rainy days are inevitable. Without a financial cushion, you might be forced to take on high-interest loans or rely on family support. Common emergencies include:

• Health Issues: Sudden medical bills can be overwhelming.
• Job or Business Loss: A major client pulling out or a company downsizing can shake your finances.
• Family Emergencies: Unexpected responsibilities, like a loved one’s hospitalization, can arise.

Smart Ways to Build Your Emergency Fund

Your emergency fund can take different forms, depending on your lifestyle:

• Mobile Money or Bank Account: A dedicated account ensures easy access.
• Cash at Home: Useful for immediate needs.
• Investment or Treasury Bills: Ideal for disciplined savers who want controlled access.

How to Start Saving Today

1. Start Small: Even GHS 10 a week adds up.
2. Cut Expenses: Skip unnecessary spending—try fasting weekly to save!
3. Find Extra Income: Sell items online or take on side gigs.
4. Join a SuSu: Traditional savings methods can help cultivate discipline.

Final Thoughts

Emergencies don’t wait, so start preparing today. Determine what an emergency means for you and make a plan. Avoid unnecessary loans, balance work with life, and secure your future. For expert guidance, contact Nelson Semanu Boandoh at 0549 7622 33 for financial advice!

Written By: Cynthia Amartey