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Mason City (641)423-1600 Change Location

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Mason City Change Location

2601 4th Street SW
Mason City, IA 50401

Tel. (641)423-1600

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Friday: 9:00am - 5:00pm
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  • Charles City Branch
    300 North Main Street
    Charles City, IA 50616

  • Clarion Branch
    315 Central Avenue East
    Clarion, IA 50525

  • Kanawha Branch
    220 North Main Street
    Kanawha, IA 50447

  • Mason City State Street Branch
    33 East State Street
    Mason City, IA 50401

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    2601 4th Street SW
    Mason City, IA 50401

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    730 Forest Ave East
    Mora, MN 55051

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    124 West Main Street
    New Hampton, IA 50659

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    501 Main Street
    Osage, IA 50461

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Home Blog Do You Have an Emergency Fund?

Do You Have an Emergency Fund?

 
Do You Have an Emergency Fund?

If the last 18 months has taught us anything it’s that the unexpected can happen at any time, including unexpected debts due to losing a job or losing a home to a natural disaster, not to mention unforeseen healthcare costs due to the pandemic.

That’s why it’s more important now than ever before to have an emergency fund. It is one of the most effective tools to prevent large-scale financial disaster. An emergency fund is an amount of money that is set aside to cover unexpected expenses or to keep you afloat if no regular income is coming in.

Begin by reviewing your monthly expenses. If you suddenly lost your job, what bills would you absolutely need to pay? This would include your mortgage or rent payment, utilities, insurance, transportation, and food. Ideally, your emergency fund would cover six months of these necessary payments.

It’s probably not practical or possible to create a fully-funded emergency fund all at once. Instead, open a separate savings account that you add to on a regular basis. For instance, if you get paid every other week, consider making an automatic transfer on each pay day. You can set up automatic recurring transfers through First Citizens Online Banking, learn more here: https://www.myfcb.bank/online-mobile/online-banking

For more information about emergency funds, and to learn practical ways to add to your fund, visit this Banzai page: https://myfcb.teachbanzai.com/wellness/resources/emergency-funds

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