Relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families. Community First Federal Credit Union promotes financial importance within our communities and wants to assist our membership in handling unexpected expenses by building a savings habit.
It is our goal to help our members in this program to achieve an Emergency Savings of $400.
Examples of emergencies include: a sudden illness or accident, unexpected job loss, home and auto repairs, veterinary/medical/dental expenses. Emergencies, by their nature, are unpredictable.
Last November, 32% of Americans said they were ill-equipped to cover a $400 emergency expense. But this year, that number has risen to 49%, according to a YouGov survey for the Economic Security Project conducted online between May 20-23, 2022.
The amount of money you should have in your emergency fund will depend on your monthly expenses. Financial experts recommend saving up three to six months’ worth of necessary expenses.