Few of us manage to get through life without having to face some type of financial emergency. 

Whether it’s a major car repair expense, a broken water heater, or a medical expense, life happens — and it usually costs money.

According to a recent report in USA Today, many Americans state that they are facing financial emergencies. The depressing fact is that about 25 percent of Americans have no funds saved up in case of such an emergency — that’s 75 million of us who have no safety net savings.

I recently realized the importance of this concept as I faced a medical situation in which surgery was my only real solution. I quickly learned that Medicare and my supplemental insurance didn’t cover all my costs for the procedure. I was going to have to pay several hundred dollars in copayments.

Can you imagine having to decide between being treated, going into debt, or enduring chronic pain because you don’t have the money to pay your share of the expenses to afford treatment?

It’s always best if you have a few dollars saved for a “rainy day,” because for some us, it’s “raining.” Having funds readily available allows you to face a financial emergency, often without going into debt.  Being disciplined enough to do so can avoid some bad outcomes including bankruptcy, if the amount owed is substantial.

The time to plan for tomorrow begins while you’re still working, with the concept of “paying yourself first.” If you can, continue saving something even when you retire.   

Doing that may require that you change your habits just a bit to make it possible to put aside money for emergencies. This may mean saving money from Social Security, a pension or any form of income you receive before indulging yourself in other discretionary spending.

The rule of thumb suggested by most good financial planners is to create an emergency fund that is at least equal to your monthly expenses for a three to six-month time period. For many of us, that’s not easy and for others, it may be impossible. 

But having even a small amount put aside when the emergency financial need is immediate is truly comforting.

Think about the financial impact a serious situation like losing your job or facing a huge medical expense can cause your family. If that occurs, you’ll immediately be faced with paying for necessities like food, rent/mortgage, electricity, phone, car, and other basic needs. 

That’s when you’ll thank heaven that you were disciplined enough to save the funds that will bail you out until, hopefully, you’re able to get back on your feet financially and replace those emergency dollars. It will also be a great reminder as to the importance of having an emergency fund in place for when, not if, the need arises again.

Remember, if you don’t have a “rainy day” fund, the only option you may have is to put yourself into debt, and that can often be a deep and difficult hole from which to climb out.

Ron Kauffman is a consultant and expert speaker on issues of aging. His wife’s geriatric management practice serves clients in Henderson, Polk and Brevard counties. He is the author of “Caring for a Loved One with Alzheimer’s Disease,” available as a Kindle book on Amazon.com. He and his wife may be contacted at 828-696-9799 or by email at drron561@gmail.com.