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What are the benefits of having an emergency savings fund?
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The main benefit of having an emergency savings fund is that it can help provide a financial cushion in case of unexpected expenses. This can include medical bills, car repairs, and other unexpected costs. Having an emergency savings fund also helps to ensure that you have enough money to cover your living expenses while you wait for your next paycheck. Additionally, having an emergency savings fund can help you avoid taking on debt or borrowing from friends or family members. Finally, having an emergency savings fund can help you build credit by demonstrating responsible financial habits.