New guide from CFPB helps increase understanding of emergency funds

Most of us have experienced unexpected financial emergencies—a fender bender, an unexpected medical bill, a broken appliance, a loss of income, or even a damaged cellphone. Large or small, these unplanned expenses often feel like they hit at the worst times.

By putting money aside—even a small amount—for these unplanned expenses will help your members recover quicker and get back on track towards reaching their larger savings goals.

This guide from the Consumer Financial Protection Bureau will help you answer members’ questions, such as:

• What is an emergency fund?
• Why do I need an emergency fund?
• How much do I need in an emergency fund?

For more information.