Even though the US economy has improved in recent times and unemployment has now fallen to around 5% after a high of double figures in the midst of the recession there is still the prospect of your losing your job. You must be prepared because if you suddenly have no income coming in you are in real trouble. It can happen as companies downsize or streamline in the face of competition.
Some businesses simply find themselves unable to trade profitably. While unemployment statistics currently suggest that if you lose your job there will be other opportunities out there you should still be prepared in case there is an interruption in your monthly paycheck.