Personal finance expert Dave Ramsey frequently emphasizes the importance of having an emergency fund to handle unexpected costs. Answering a question on "The Ramsey Show," he said an emergency fund becomes even more important when someone is struggling financially.
Ramsey said when money is limited, people often rely on older things, which raises the chance of repairs and unexpected costs. He recalled a time when he was struggling financially and was driving an old car on a date with his now-wife, and it broke down.
