The Importance of an Emergency Fund

Courtesy: KNOE 8 News
Courtesy: KNOE 8 News(KNOE)
Published: Jun. 1, 2020 at 6:44 AM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

With so much uncertainty due to Covid-19, experts are encouraging you to pay close attention to your finances.

Financial Planner Kelly Brantley says now is the time to start thinking about an emergency fund.

She says having at least a one thousand dollar emergency fund will give you the air you need to breathe during a difficult time. She also has advice for families.

"The goal is you want to start with 1000 dollars but eventually youwant to build that up to 3 to 6 months of expenses," says Brantley. "So you want to add up all your expenses, multiply that by three or six and that would get you a full emergency fund."

Brantley says once you establish an emergency fund, you should start paying off your debt. That way you'll have more money to cover your monthly bills.