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An emergency fund, also known as a contingency fund, [1] is a personal budget set aside as a financial safety net for future mishaps or unexpected expenses. A critical part of financial planning, it is supposed to ensure one's personal finances are prepared for any emergency so that the risks of becoming dependent on credit, falling into debt, or running out of money in general are reduced if ...
An emergency fund, as defined by the Consumer Financial Protection Bureau (CFPB), is a cash reserve specifically set aside for unplanned expenses that come up or any sort of loss of income.
Unexpected expenses can happen at any time, from car repairs to job loss. An emergency fund can come in handy -- learn how how to build one, determine how much to save and know when to use it.
An emergency fund is an amount of money set aside for times of unexpected expenses or lack of income. If you own a house or car, for example, an emergency fund can help you cover your insurance ...
An emergency fund is an essential part of a solid financial plan. Suppose you’re unexpectedly called into your boss’s office one day and given the tough news that you’re getting laid off.
Segregate your emergency fund from everyday funds A major issue many people run into when trying to establish an emergency fund is a lack of separation from their everyday finances.
An emergency fund must be liquid so you can access it in a moment’s notice. You should still, however, choose an account that pays interest. After all, it might be a long time before you access ...
An emergency fund is specifically there to cover unexpected financial emergencies. You never know when those emergencies will come up, so you shouldn’t touch the fund until you really need it.