An emergency fund is money set aside in a bank account to cover unexpected expenses. Here is why you need one and how to setup an emergency fund quickly.
At some point in life we are all going to face unexpected expenses. These might include:
- Hospital Visits and emergency care
- Car repairs
- Home appliance repairs or replacements
These expenses can be in the thousands of dollars. In a worst case scenario you could be faced with both unemployment and an unexpected expense.