In our meetings this year, we are seeing a higher percentage than normal of people with very low or non-existent emergency funds. We preach the importance of emergency funds in the financial planning process. Why? They help guard against smaller paychecks when production slows down, a spouse losing a job, unforeseen medical bills, home or car repairs, or any other financial problem that may arise where you need immediate access to cash. If you don’t have an emergency fund, that means you either use your credit cards or get a loan and neither one of those are good options. Look at it this way, a solid emergency fund of 3-6 months’ worth of living expenses safely stored in a savings account is like having a life raft to keep you from drowning when your boat is sinking. Don’t be caught without one.
CalmWater Financial Network®, 3204 W Benjamin Ave, Suite 200, Norfolk, NE 68701 ~ (402) 371-5511
Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth.