A number of unexpected expenses could cause you unnecessary financial strain if you don’t have emergency savings. Here are five great reasons to start an emergency fund today.
1. Job loss
If you ever found yourself unemployed, would you have enough savings to live on while you find a new job? Aim to save enough to cover your living expenses for at least six months.
2. Health or dental expenses
Your health insurance may not cover everything, and deductibles and copayments can add up quickly.
3. Car clunks out
Accidents happen. Maintenance is needed. You want to be prepared.
4. Pet health emergency
Sure, you may be able to afford Fido’s annual checkup and vaccinations, but pet surgery can cost hundreds to thousands of dollars.
5. Major mechanical meltdown
A busted water heater or failing furnace can cost thousands to replace. Plan accordingly.
Opening a savings account is a great way to save for that rainy – or stormy – day. With our CU Thrive savings plan, you can automate your savings and earn a competitive interest rate. You can begin with as little as $5 or as much as $500 per month, which will automatically transfer from your Hanscom FCU checking account. Learn more at Your Way savings.