Building an Emergency Fund

An emergency fund provides financial security during unexpected life events such as job loss, medical expenses, or major repairs. Jordan Credit Union emphasizes the importance of having a robust emergency fund to maintain financial stability in challenging times. Here’s how to effectively build your emergency fund:

• Set a Target: Aim for at least three to six months’ worth of essential living expenses.
• Start Small and Consistent: Even modest, regular contributions can quickly add up over time.
• Automate Savings: Automatically transferring money into a separate savings account each month helps build your emergency fund consistently.
• Keep Funds Accessible: Use savings accounts or other liquid assets to ensure your emergency money is readily available when needed.
  
  

Having an emergency fund significantly reduces financial stress during difficult times.