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An Emergency Reserve Account: Why You Need OneIf you were hit with an unexpected financial emergency such as a job loss or a critical household repair, could you bear the financial burden of having to pay for it without going into debt? Would you be forced to sell long-term investments with potential tax consequences or even worse have to liquidate a retirement account and get stuck paying both taxes and penalties? If you are without a basic emergency reserve account (ERA) that has three to six months of your total monthly expenses in it, you may find yourself covering such simple necessities as food, shelter and clothing with credit or having to go through the process of liquidating investments and retirement accounts with damaging long term financial consequences. Covering life’s essentials during a short term crisis could end up costing you severely in the long run when a little planning and some simple cost control could help you avoid the financial injury and give you some peace of mind.
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The components of an ideal emergency reserve account are as follows:
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