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Emergency Fund | The McLeod Group Network - KW Capital City Blog

Thursday, June 21, 2018   /   by Amy McLeod

Saving for a Rainy Day: Your Home Repair Emergency Fund Should Have This Much Cash

A home repair emergency fund can save you from financial disaster. While it's easy to believe your house is in great shape, you never know when you’ll have to deal with an expensive plumbing bill or a flooded basement.
If you don’t have money set aside for repairs, you might be tempted to use your credit card. However, unless you're able to pay them off immediately, charging costly home repairs is never a wise financial idea—it'll accrue interest and leave you with an even larger bill later.
The better solution is to think ahead and create a home repair emergency fund.
What’s a home repair emergency fund?
A home repair emergency fund is money set aside to pay for unexpected home repairs—the cash you can grab at a moment’s notice. In other words, you don’t want to put that money into a long-term savings portfolio where you'll face massive fees if you pull money out early.
Homeowners don't need to get too creative with an emergen ...

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  amy mcleod, mcleod group network, homeowners, homeownership, emergency fund, home repair emergency fund, saving for a rainy day

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