When Should You Tap Into Your Emergency Savings Account?
If you’re following sound financial advice then you’ve built up a good-sized emergency savings account. And you’ve resisted the temptation to use this fund for splurges like a vacation or a new car. But you may have asked yourself when exactly it makes financial sense to go ahead and tap into that emergency savings account.
In general, you should be comfortable using your emergency savings for expenses that fall outside of a well considered budget plan. Even the best planned budgets can be hit with something unexpected.
Here are some examples of situations in which it would likely make sense…