You’re driving down the road and your tire blows out. You’re sitting at home and see water leaking through the roof. You’re trying to cook dinner, but your oven won’t turn on. These are all events that can happen to anyone, but you can be prepared to handle these circumstances if you have an emergency savings fund.
First, let’s clarify emergency savings from your regular savings. Your regular, day-to-day savings account might have funds that you’ve been saving to purchase that new TV or latest espresso machine.
Your emergency savings fund is different and should be kept separate from your fun savings.
Let’s explore common questions when it comes to emergency savings.
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