Here’s How Much Cash You Need Stashed If a National Emergency Happens

Rainy day funds are important "just in case" something unexpected happens.

You've probably heard this time and time again. The importance of having an emergency fund has never been greater than it is today.

Why You Need a National Emergency Fund?

To be prepared for any contingency, big or small, you need a reserve of emergency cash on hand at all times.

When you can't access your funds electronically, you'll need some legal tender to buy food, gas, and other necessities.

How To Decide How Much To Save?

When deciding how much to save for an emergency fund, ask yourself the following questions:

* How much will I need for an extreme catastrophic event? * How much can I afford to save?

It’s wise to have a small amount of physical cash at home for the truest of emergencies when banks are not operating,”

There is no 'magic number' for how much you should save in an emergency fund, but there are some factors that will help you determine how much you should save at a minimum.

The Cost of Covering Necessities The Cost of an Emergency Kit

How To Start an Emergency Fund?

It's time to start setting some goals once you've set your budget and determined how much money you can realistically devote to savings.

Set Savings Goals

Now that job insecurity is high and stock values are plummeting, it's especially important to focus on saving.

Make Saving for Your Emergency Fund a Priority

Limit other savings contributions or debt repayments while building your emergency fund.

While you build your emergency fund, put off other contributions

That's all I have to say about it, I hope you enjoyed it. Signing Off!