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Emergency funds: Why they’re worth it

March 6, 2018 by Brenda McGivern, CPA

Emergency funds can be helpful for everyone. Any unexpected hit to your finances, and unanticipated illness or a natural disaster might all be reasons you may need money right away.

What is an emergency fund?

An emergency fund is designed to keep your life intact during temporary setbacks and to help you avoid unnecessary debt. That means things like car insurance premiums and regular home maintenance (and other anticipated bills) should not be considered emergencies. The same is true of credit card bills for vacations.

How much emergency savings is enough?

In general, your emergency fund should cover three to six months of expenses. How much you’ll need will vary based on your financial situation, including the vulnerability of your income.

For example, a one-earner [Read more…] about Emergency funds: Why they’re worth it

Filed Under: Financial Planning Tagged With: debt payments, emergency fund, savings, savings account

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