Life is unpredictable, and an emergency fund ensures you have a cushion when unexpected expenses arise. Whether it’s a medical emergency, car repairs, or job loss, having funds set aside will protect you from debt or financial stress.
Start small: Even a small contribution each month builds over time.
Three to six months’ expenses: A good rule of thumb is to have enough to cover three to six months’ worth of living expenses.
Avoiding debt: An emergency fund helps you avoid taking on high-interest debt when the unexpected happens.
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