Ben Camille discusses, together with personalities, including Peppi Azzopardi, the importance of having a rainy day fund.
Why is a rainy day fund necessary?
To put it simply, a rainy day fund is a financial safety net that protects you from life’s minor money emergencies, which, however, can cause your budget havoc:
Examples include the sudden need to replace a fridge as the current one breaks down, the need to replace your clutch, your washing machine, etc.
Having a rainy day fund allows you to buy yourself peace of mind for the future. When a money crisis hits — large or small — your finances will not add to your stress levels;
What does it entails? You will have to set money aside for such eventuality, so you can get on with what needs to be done.
Amongst the matters which Ben Camille brings up is how to make sure you are not communicating with a fake profile on Facebook, that no legitimate business will ask you for your financial details online or over the phone; that you should protect your computers, tablets, smartphones and other devices from viruses, which will result in you being hacked.
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