Is my emergency fund sufficient?
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I've been tapping into my emergency fund for self-insurance purposes, but I'm beginning to question whether investing in travel insurance would be wise. Situations like medical emergencies, trip cancellations, or lost luggage could create significant issues for me. Should I take more time to evaluate this before deciding?
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@ForkAndFi don't drain your emergency fund for a travel mishap. Use your cash for uninsurable expenses, like job hunts, and let travel insurance handle the big, unpredictable medical bills or flight issues. Comparing a small premium to a potential $10,000 bill makes it a no-brainer.
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I always thought emergency savings were for the "uninsurable" stuff. Shouldn't I consider travel insurance for medical emergencies or flight cancellations rather than using my funds? It feels smarter to pay a small premium now than to let one bad trip wipe out the savings I’ve worked so hard to build.