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Emergency Fund
Personal
WHAT IS IT?
An emergency fund is money set aside to help deal with unexpected costs or a drop in income.
IN PLAIN ENGLISH
It is a financial buffer for things you didn't plan for.
SIMPLE EXAMPLE
An emergency fund might help cover an unexpected repair, urgent household cost or period of reduced income without relying immediately on expensive borrowing.
WHY DOES IT MATTER
A financial buffer can give you more room to manoeuvre when life doesn't go to plan.
THE ROCKET TEST
Emergency savings are money kept aside for financial surprises.
SEE IT IN ACTION
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