Uncertainty is the only fact of life, and even though we always hope for the best, life has a way of throwing curveballs at us. Emergencies can occur at any time; you may lose your job, have an unforeseen medical issue, or a natural disaster may occur that takes away your livelihood. To protect yourself from unforeseen circumstances, we at Cowrywise have designed an emergency savings plan.
However, after creating and funding your emergency plan, you realize that it takes 24 hours to get your funds when you try to withdraw it for emergency purposes! I know this can be upsetting and annoying, but I’d like you to understand our perspective on this.
Firstly, the emergency savings plan is also an investment and should function as your last resort. What this means is that you should have exhausted all other funds you’ve kept in your bank account and other sources before having to touch your investment.
Also, the 24-hour wait time is essential, as it gives us time to properly validate your request and ensure that it gets successfully processed. You would not want us to not be able to complete your withdrawal, especially if it’s for an emergency, right? Additionally, It's also a security feature, so that we can confirm that the withdrawal was really initiated by you.
For emergencies, it is recommended that you save up funds that will be enough to cover your living expenses for about 6 months in case life happens. For instance, if your monthly expense is N200,000, you should have saved up to N1,200,000. You can do this by saving N50,000 every month for about 2 years with the emergency savings plan on Cowrywise. This will allow you to have a safety net you can always fall back to.
Remember that the ultimate goal of creating your Cowrywise account is to build your wealth for the present and the future. As an investor, you must keep your long-term goals in mind.
Emergencies are temporary bumps in your financial journey, and it is important to keep that in mind.
To learn more about this, you can read through this blog post: https://cowrywise.com/blog/how-to-handle-emergencies-on-cowrywise/