What if a sink faucet in your home suddenly failed and started spraying water in your face?
What if one or more of your tires went flat or got punctured?
What if you missed enough oil changes that your car engine seized up?
In each of these cases, I would also ask you, what would you do?
Would you rely on credit cards to cover the emergency expenses? Would you turn to friends and/or family to loan or give you the money needed to get back on your feet? Would you turn to pay-day loan lenders or other short-term loan providers to cover these unexpected expenses?
I have one more question to address the above. What if you could cover those expenses in cash without blinking an eye?
Personally, I've found that being secure in having an emergency fund is far less stressful than worrying about how I would handle an emergency expense. Over time we have been able to build up to our desired emergency fund amount which includes 6 months of expenses. Now, we continue to build up cash for needed repairs and updates on the house without stressing out whether that cash will be needed later. We have that covered.
If I may, I'd like to rephrase the starting questions as if a fully funded emergency fund was in place.
Bah! I got sprayed in the face by my treacherous sink faucet! Who will I call to fix the pipe and where shall I shop for a new faucet?
My tires have gone flat. Where do I want to new tires from?
Oh, my next oil change is coming up. Time to schedule it. What place do I trust to take care of my vehicle?
Notice that now the questions are about your choices to handle it. Not just what to do about the situation.
I know which set of questions I would rather be asking. Which set appeals more to you?