This episode of the Finance Flash Go! podcast shares tips for keeping your emergency fund safe.
Your emergency fund is a stash of money that represents 3-6 months of your average expenses. Your emergency fund is money that you could need at any time. For an emergency. Its even in the name. So, invest it somewhere safe. This fund is kept in a safe place, like a high yield savings account, so that it can be accessed and used easily when it is needed, in an emergency. Also, this emergency fund will keep you from needing to take out more debt or extend credit for things like car repairs, a broken furnace, or a pandemic that results in decreased income for an extended time period.
So, this really becomes one of, if not the, top financial priority for you.
So, having an emergency fund is like a life preserver for the crazy things that no one can predict. Too many physicians found this out the hard way with COVID. As a final point, make an emergency fund a priority.
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