After all that’s happened in the last two months, we’ve all seen first (or at least second) hand why an emergency fund is so important. It’s a buffer against pay reduction or job loss, it can help to cover unexpected medical bills, it can give you a little peace of mind, and more.
All About Emergency Funds
About a year after I finished graduate school, my grandfather passed away unexpectedly. My husband and I were exactly a year out from our wedding. I still remember getting the call as my mother-in-law and I were driving home from wedding dress shopping. I was working hard to save up for my contribution to the wedding and pay off at least one of my student loans before I said “I do.” It seemed like every dollar that came through my bank account was already earmarked and accounted for. My mom asked: “Can you come home for the funeral?”