Emergency Savings and Its Importance

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According to the personal financial website Bankrate.com, 63 percent of Americans have no emergency savings to cover the costs of an unexpected car repair, or trip to the emergency room. Better Business Bureau Vice President of Communications for Northern Colorado and Wyoming Shelley Polansky says having an emergency savings fund can be the difference between staying afloat and sinking financially when unexpected expenses come your way.

Polanksy said that when starting an emergency savings fund, it’s best to start small.

Polansky said that too often when people don’t have an emergency savings and the unexpected happens, they end up paying by means of a credit card or borrowing from friends and family.