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How to Create and Build a Financial Emergency Fund

How to Create and Build a Financial Emergency Fund

Posted On: August 4, 2020 by Falcon National Bank in: Your Financial Life | Personal Banking

Saving for a rainy day is a common theme this year, as many people have experienced Coronavirus-related financial strains. An emergency fund is a financial buffer that will keep you afloat in a time of unexpected expenses or a halt in your income. The main purpose of an emergency income is to help people avoid overusing credit cards or taking out additional loans–usually at high interest rates. Some of these unexpected expenses might include: Medical expenses Appliance repair or replacement Car repairs Unemployment You probably have heard that everyone should try to save enough money to cover three months’ worth of bills, should any problem arise. Some savings specialists even put that number as high as half a year of expenses, but setting that much money aside just isn’t possible for some.  So how do you get started? Building a Financial Emergency Fund – Even When You Think You Can’t Start by creating a plan. Chart

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