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FCBT and CFPB present: An Essential Guide to Building an Emergency Fund

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FCBT and CFPB present: An Essential Guide to Building an Emergency Fund

Posted On: September 21, 2023 by First Community Bank and Trust in: Community Banking, Community Banking Advocacy, Community News, General

This guide was published by the Consumer Financial Protection Bureau. We’ve all experienced unexpected financial emergencies—a fender bender, an unexpected medical bill, a broken appliance, a loss of income, or even a damaged cell phone. Large or small, these unplanned expenses often feel like they hit at the worst times. Setting up a dedicated savings or emergency fund is one essential way to protect yourself, and it’s one of the first steps you can take to start saving. By putting money aside—even a small amount—for these unplanned expenses, you’re able to recover quicker and get back on track towards reaching your larger savings goals. This guide will help you answer the following questions: What is an emergency fund? Why do I need it? How much do I need in it? How do I build it? Where should I keep it? When should I use it?   What is an emergency fund? An emergency fund is a cash reserve that’s specifically

FCBT and CFPB present: An Essential Guide to Building an Emergency Fund