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02.08.2019

Why you need an emergency fund and how to create one with Numbrs

Saving for emergencies is an integral part of sustainable personal finance management

What is an emergency fund

Life is full of surprises, some can be unpleasant and ultimately costly. An emergency fund (or budget) is money that you set aside to cover these unforeseen costs.

An emergency fund can save you money

Imagine your car just broke down, and you don’t have an emergency fund to immediately cover the cost. You will probably end up getting a loan on which you will have to pay interest, which will end up costing you even more.

While we have made it easy to apply for bank loans in our Money Store, what would be more beneficial for you, would be to create an emergency saving goal. And we made that easy to do in Numbrs

How to create an emergency saving goal.

The good news is, you don’t need to create an emergency saving goal, we automatically created one for you!

By default we recommend an amount equivalent to 3 months of your typical expenses, but of course you can adjust this amount if you want to by clicking “Edit goal”.

If you made the smart decision to create a separate account for your emergencies, and have linked multiple accounts in Numbrs, you can filter your bank accounts to only include your emergency account.

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