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How To Start An Emergency Fund

Emergency Cash FundEach and every family should have an emergency fund to be used for, well, emergencies. When a car repair is absolutely necessary or the plumbing desperately needs fixed, there needs to be money set aside just for those occasions. Establishing an emergency fund is not that difficult. Here’s how you can do it.

 

  • Figure out how much you will need to have saved. There are many different philosophies as to how much should be in an emergency fund. Some will say three months’ worth of living expenses. Others will say six months and some will come up with a flat amount of, say $5,000. Whatever the number is, decide how much you want to save.
  • If you decide that you will save dependent upon monthly expenses, you will need to calculate those expenses.
  • Once you have the amount that you plan to save, open an account, separate from your other checking and savings accounts, with your bank or credit union. The emergency account needs to be liquid, so use a checking or savings account, a money-market account, or a short-term CD. If possible, utilize an interest-bearing account so that your balance will grow even more.
  • Develop a plan and figure out where in your budget you can find the extra dollars to start building the emergency fund. Don’t worry about how much you can save. Even $20 per month will help you build your fund.
  • When you have figured out where the money will be coming from to help build up your emergency fund, set up an automatic deposit. This way, you know that the money is going into the account every month.
  • Every month that you have a budget surplus (if that ever happens) place some of that surplus into your emergency fund. There are a few times during a year that you may be paid three times in one month. Utilize some of the extra pay to help build the emergency fund.

While it may take a while, if you are disciplined you can build up your emergency fund fairly quickly. If you find yourself in need of emergency funds before your account is built up, you can always resort to quick sources of cash like car title loans. If you have a vehicle with a clear title, you can do an auto title loan with a company like Embassy Loans. The company can process your loan usually within 24 hours and have your cash quickly to help pay off your emergency.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.