How to build an emergency fund

For many people, coming up with funds to cover major unexpected expenses is a difficult task. Many people can only raise emergency funds by either going into debt or selling an important asset. If you’re one of those people, creating an emergency fund should be at the top of your financial goals.

“Stacking away some ready-to-use cash is indispensable to a healthy financial plan as unexpected expenses keep cropping up,” advises Rohit Shah, the founder and CEO of Getting You Rich. “A reserve of emergency cash will help you tide over unforeseen challenges without having to borrow.”