Prioritizing an emergency fund is paramount to being financially stable. All it takes is one unexpected expense to completely ruin your budget and put your finances in a very bad spot. Here are three things you should have an emergency fund for:
Being Unemployed
People get fired, companies go under, clients can change their minds, and contracts can be broken. Set aside three to six months’ worth of rent or mortgage payments, monthly bills, and groceries.
Car trouble
Even if you’re vigilant about tune-ups, your vehicle can have a mind of its own and break down, malfunction, and get hit, etc. Make sure your emergency fund is at least ready to make a down payment on a major car expense.
Preventative healthcare
Know and plan for any copays or out-of-pocket expenses as well as any necessary follow-up procedures.
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