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If you're slammed with an unexpected bill or get a flat tire can you cover the cost? Avoid the panic of searching for quick money and instead begin building your own Emergency Savings Fund. Roughly 3 out of 5 Americans experience a major unforeseen cost each year, so it's not exactly a matter of if, but when will you have to dip into your stash?
What is the true definition of an emergency fund?
An Emergency Savings Fund is money that's been purposely set aside to protect your accounts from unanticipated events. These funds are separate from your regular savings account and can help prevent significant debt build-up.
Being financially prepared with a fund of at least 3-6 months' worth of everyday costs will allow you to breathe easy knowing you can afford those sudden charges. Even the most budget-obsessed person can't be equipped for every curveball, so watch the video below and start constructing your own Emergency Savings Fund.
Watch the video here:
