Life is Crazy
You never know what’s going to happen. Having money in an emergency fund is designed to protect you from unforeseen problems. An emergency fund is an insurance policy that alleviates financial burden in times of emergency. If you need to pay for car repairs, medical emergencies, or if an HVAC unit breaks down, with an emergency fund you are prepared for all of it.
What is an Emergency Fund?
An emergency fund is a savings account with the sole purpose of having money in case of emergencies. This amount usually covers six months’ worth of expenses.
How to Start an Emergency Fund
You can start an emergency fund with any amount of money! Emergency funds should always be easy to access, which is why most emergency funds are in saving accounts. Savings Accounts - Nymeo Federal Credit Union.
Peace of Mind
Emergency funds provide peace of mind. Stability is never a bad thing. Knowing that no matter what life throws at you, you will be financially secure, is a great feeling!
Luck favors the prepared, so why not apply that to your finances? Build up your emergency fund to brave any storm that life can throw at you.
Category: Financial Literacy & Safety
