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build an emergency fund

Manage Unexpected Expenses by Building An Emergency Fund

Unexpected expenses come in many forms. Whether it’s an obvious expense, such as a car repair or a medical bill, or something you might not think about, like a trip across the country to care for a sick relative, an unexpected expense can put a dent in your budget. If you’re working to build or repair your credit, your good intentions can be derailed by adding another expense to your carefully planned budget. Many people who are unprepared for such situations often resort to paying for unexpected expenses with their credit card, sometimes sending themselves even deeper into debt.

 

While it helps to have a credit card for emergencies, with some planning and forethought, you can create an emergency fund that will help you be better prepared. You might think “I can’t afford one more expense on my budget,” and if you do, an emergency fund is even more important to you. It is separate from holiday and birthday gifts, monthly bills or vacation money, and it can keep you from incurring the interest charges associated with using a credit card.

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