An emergency fund can best be described as an account or a form of savings by an individual to be used for emergencies or expenses that occur suddenly and without warning.
An emergency fund can be used to cover unexpected expenses when they occur. The fund’s purpose is to provide financial security in an emergency. The funds can cover expenses such as medical bills, car repairs, and other unexpected costs in a crisis.
The best way to build up your savings account is by regularly saving small amounts.
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