Life can take us by surprise. At some point, we all need quick money to pay for unexpected car repairs, medical care, a parking ticket, prescription drugs, or something else for our family.
Build a plan that includes an emergency fund, and you will have the money when you need it most and you won’t need a high-interest loan from a pawn shop, payday lender, rapid tax refund loan, or payday loan.
- Start by putting $25 to $50 aside every month.
- When you get $100 together, put the money into a separate savings account.
- Once that money is in its own account, talk to your bank or credit union to set up automatic transfers to add money to your savings.