Emergency fund

 If you don’t understand what an emergency fund is or why you need one, now is the time to get serious about starting one. This is money set aside in an easily accessible account, like a money market or savings account, that can be used at any time to pay for the unexpected, such as missing a paycheck, getting laid off or an emergency medical bill. Emergency funds are important for retirees, too. Health care is one of the biggest expenses retirees face. An unexpected medical bill from a fall or serious diagnosis has to be paid one way or another. If you haven’t factored this into your budget, you could run the risk of running out of money by withdrawing too much from your retirement funds sooner than planned. If your emergency fund falls short or is nonexistent, start by looking at your budget and finding areas to cut. Put $50-100 aside each week. It may seem easiest to put the money into a savings account you already have open, but instead, open a separate account dedicated solely to your emergency fund. That way it has a purpose and is used only in case of emergency. Any questions call 320-679-5183.