5 steps to building an emergency fund

Tips to help you be ready for unexpected expenses

Having some extra funds available for emergencies is an essential component of your overall financial well-being, with enough cash to cover three to six months of expenses being a common recommendation. For many people, though, that can add up to an intimidating number — and can discourage even the best-intentioned saver.

But don’t give up before you start! The game of saving is mostly psychological — and you can win it. Even if you’re starting from zero, regularly setting money aside — even in small amounts — will eventually get you to your goal. It just takes time and a little discipline.

If you’re ready to begin — and especially if you think you can’t — here are five suggestions that might make building your emergency fund easier.

 

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