Life can be full of surprises. Even if we are good at planning ahead and make sensible decisions, some things simply catch us off guard – job loss, medical bills, car repairs, a change of plans and the list goes on. While you cannot always account for the unexpected, there is something you can do to cushion its financial implications. It’s simpler than you might expect and much more effective than you think. It’s called the Numbrs emergency fund feature.
Always On The Safe Side
The Numbrs emergency fund is a preset savings goal in the Numbrs app, which automatically counts a certain amount of your savings towards an Emergency fund. Not only does this preset make it easier to track your savings, it also shows you exactly how much is missing until you have reached 100% of this goal. With this at hand, accessible anytime from your smartphone, you can go through everyday life at ease knowing that whatever happens you’ll be on the safe side.
Customising Your Emergency Fund
For an Emergency fund we recommend an amount equivalent to 3 months of your typical expenses, but you can customise it exactly to your needs. In order to do this, simply tap on the ‘Analysis icon’ in the navigation bar and then on the ‘Goals card’. Now go to ‘Emergency fund’ and tap on ‘Edit goal’. Here you can change the name of your emergency fund and edit your desired amount. A name change can be useful if you require it for a specific purpose only, e.g. exclusively for car repairs or medical bills. After adjusting the number to your desired amount hit ‘Save’ and you are good to go. Your Emergency fund is now set.
If you keep your Emergency Fund in a separate bank account you can even exclude it from your overall calculation in Numbrs. To do this, simply apply an account filter. If you don’t require an Emergency fund whatsoever, you can also deactivate this feature entirely.
One of Many Great Features
As a leading personal finance app in Germany and the United Kingdom we not only want you to make the most of your finances, we want you to fully understand them and enable you to take the best financial decisions yourself. As part of this mission, our Emergency fund feature is only one of several integrated features, which can help you understand and optimise your finances even better. For more insights on your income and monthly expenses for example, we recommend checking our analysis feature and the detailed insights on your transactions. Both are part of the free Numbrs app, available for download on iOS and Android.