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 typically recommend saving up three to six months’ worth of necessary expenses.