The statement that is not true about emergency funds is : They are used for anything listed on the budget.
Emergency funds are money that are saved for unforseen circumstances or expenses that are not plan.
Important of Emergency funds includes:
•Having money saved as emergency fund is important as it help to prevent you for passing through the stress of having to borrow or lend from others.
• Having emergency funds help to prepare you for unforseen expenses such as having to repair your vehicle in a situation where your vehicle or car suddenly break down etc.
• With emergency funds you do not have to worry when unexpected expenses showed up or in a situation where your need to carryout some unexpected expenses based on the fact you already have some money in your emergency funds that will help you to clear up those expenses.
Inconclusion the statement that is not true about emergency funds is : They are used for anything listed on the budget.
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