Why and How to Establish an Emergency Fund

As part of your financial planning for yourself and your family, it is advisable to set up an emergency fund. An emergency fund is cash that is readily available in case the unexpected occurs. Emergencies are typically identified as major health expenses, unemployment, home repairs as a result of an extreme weather event, auto repair or replacement, personal or family problems – anything that is unexpected and not in the family budget. Under most people’s guidelines, a trip to the Caribbean bec...
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