Why an Emergency Fund Should Be a Financial Priority

We break down why an emergency fund can be a key part of financial planning, how large it should be, and how to start building it up. 

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

Though there are many reasons for having an emergency fund, preventing debt is among the most important.

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It Can Provide Peace of Mind

Living without a safety net, and simply hoping to get by without running into a crisis can cause you to worry about what would happen if you got hit with a large expenses.

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It Can Help You Ride Out a Period of Unemployment

You can tap into it to cover the cost of everyday expenses, like utility bills, groceries, and insurance payments, while you’re unemployed.

It Can Help You Make Better Spending Decision

Keeping the money out of your immediate reach can make you less likely to spend it on a whim, no matter how much you’d like to.

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