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One of the first pieces of advice I get is to build an emergency fund at a bank. Why?

Emergency funds are a necessity for financial safety measures because they give you resources to fall back in times of financial emergencies such when you become very ill or disabled and can’t work, or if you or your spouse lose your job, incur large medical bills, or have an unexpected large bill such as a major car or home repair. Without an emergency fund, many individuals are forced to incur excessive credit card debt that could take you many years to pay off and end up costing you much more in the long run. Often, the lack of emergency funds force individuals to make decisions that complicate and deepen an issue that may have been more easily rectified had some short term funding been available.

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