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5 ways to grow an emergency fund

Avoid financial ruin
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The rules about emergency savings
By Jean Chatzky

Avoid financial ruin © iStock

Avoid financial ruin

Life rarely goes as planned. That's why it's always good to have an emergency fund in the bank.

Brad Smith, CEO of debt management company Rescue One Financial in Irvine, California, works with more than 100,000 clients trying to avoid bankruptcy.

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"Many of them could have avoided enrolling in a debt management plan had they had any type of emergency fund set up," he says. "There are many people out there who are living so paycheck to paycheck that a blown transmission would send them into bankruptcy. An injured child or a natural disaster could easily be handled with additional funds."

Avoid letting unexpected expenses or events lead you to financial ruin. Build your emergency fund by following these tips.

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