If you are not prepared for financial emergencies, then they have the potential to cause severe financial setbacks. That’s why you need an emergency fund. This is a savings account with 3-6 months of living expenses saved, in order to cover you in the case of an unexpected job loss, car repair, or medical issue.
Having an emergency fund helps prevent you from going further into debt by relying on your credit cards to cover the unpredictable.
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