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Don't Be Caught Off Guard
Life is full of unplanned surprises, but you can prepare for the unexpected by having at least 3-6 months' worth of essential expenses saved in an emergency fund. Emergency funds create a financial buffer that can keep you afloat in a time of need without having to rely on credit cards or high-interest loans.
When a sudden expense pops up, it can often feel like an emergency. To avoid unnecessarily dipping into your savings, ask yourself:
- Is it unexpected?
- Is it necessary?
- Is it urgent?
Emergency Savings First
Here are a few reasons why emergency savings should come first:
- Peace of mind: Having a solid emergency fund in place can help you sleep better at night, knowing that you have a safety net in case of an unexpected expense.
- Protection against debt: If you don't have emergency savings, you may turn to credit cards or loans to cover unexpected expenses, which can quickly spiral into debt.
- Flexibility: With an emergency fund in place, you have more flexibility to make decisions about your financial future, such as taking on a new job or starting a new business.
How much do I need for emergencies?
Sentinel and Flourish are not affiliated. Please see the current Sentinel Pension Advisors Inc. Form ADV brochure as well as the Flourish invitation page (accessed via the link above) for important disclosure information.
Need help saving?
Speak with one of our Financial Planners today! Sentinel can help you, no matter what life throws your way!
