Connect with us

Banking and Saving

Do You Have An Emergency fund

While your regular savings account in the bank might work, an automated online savings platform like fundall.io is better because It will earn you significantly more money in interest. This helps you grow your emergency fund faster and gives you a nice reward for saving your money instead of spending it.

Published

on

What would you do if your car broke down tomorrow and the mechanic told you it’d cost N200,000 to get it up and running again? Or worse, what would happen if you got laid off tomorrow? How long would you be able to pay rent while unemployed?

If you don’t have a good answer to these hypotheticals then you need to consider having a emergency fund. Without an emergency savings fund, unexpected expenses could cause people to go into debt and spend hundreds on interest fees.

An emergency fund is money you have saved in order to cover unexpected expenses. This means you have money on hand to cover anything from a medical emergency to car repairs to a month of overspending during the holidays. Essentially, building an emergency fund is the first step to not living salary-to-salary.

What option is better to start saving towards emergency?

While your regular savings account in the bank might work, an automated online savings platform like fundall.io is better because It will earn you significantly more money in interest. This helps you grow your emergency fund faster and gives you a nice reward for saving your money instead of spending it.