Why Having Emergency Savings Should Be a Financial Priority

An emergency savings fund is a lump sum of cash set aside to cover any unanticipated expenses or financial emergencies that may come your way.

Why Do You Need an Emergency Fund?

Instead of paying an insurance company to back you up in case something goes wrong, you’re paying yourself by setting aside these funds for the future.

It Can Help Keep you From Going into Debt

Preventing debt is one of the most important reasons to have an emergency fund.

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It Can Provide Peace of Mind

Being prepared with an emergency fund can give you a sense of confidence that you can tackle any of life’s unexpected events without experiencing financial hardship.

It Can Help You Ride Out a Period of Unemployment

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Unemployment benefits can help you afford some of your daily expenses, but generally it’s not enough to cover your entire cost of living.

It Can Help You Make Better Spending Decisions

Having extra cash set aside in an emergency fund helps keep that money out of sight, and also out of mind.

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