Everyone needs to have an Emergency Account with at least $500 in it to deal with the various little emergencies that spring up. No matter how well you plan or how organized you may be, life is unpredictable. Something is always going to go wrong with your car. Your child will come home and tell you that she needs a special something to complete a school project. The dryer will go out or you’ll have to call a plumber. If you don’t have the cash to cover those unexpected expenses, you may have to ask family or friends to borrow money or worse, turn to a payday loan.