Money Monday: How to establish an emergency fund
It can be dangerous living too close to the financial edge: Water heaters break, car radiators leak, jobs can be lost in an instant -- so what should you do?
Financial experts urge people to save a certain amount of money in their bank account for emergency purposes.
Watch the video above to learn more.
Read more from:
LetsMakeAPlan.org: 3 practical strategies to help establish an emergency fund
ConsumerFinance.gov: An essential guide to building an emergency fund
More: Money Monday section
Copyright 2021 by WDIV ClickOnDetroit - All rights reserved.
From the Vault: Christmas shopping in Detroit, 1973 ▶ 1:05
From the Vault: Christmas shopping in Detroit, 1973
U.S. beef prices soar over past year ▶ 0:43
U.S. beef prices soar over past year
Michigan players react to Sherrone Moore situation ▶ 1:23
Michigan players react to Sherrone Moore situation
Bell ringer shot dead at Kroger; suspect arrested ▶ 0:39
Bell ringer shot dead at Kroger; suspect arrested
Court docs: Moore's arrest tied to ended relationship ▶ 0:49
Court docs: Moore's arrest tied to ended relationship
Hero cop saves 1-year-old in Sterling Heights ▶ 0:58
Hero cop saves 1-year-old in Sterling Heights
Man holds son as shield after Warren chase ▶ 0:53
Man holds son as shield after Warren chase
Detective accused of fleeing state to avoid testimony ▶ 1:47
Detective accused of fleeing state to avoid testimony
Monroe AD on leave after podcast comments ▶ 0:42
Monroe AD on leave after podcast comments
Detroit's Leland complex tenants locked out, need essentials ▶ 0:32
Detroit's Leland complex tenants locked out, need essentials
Jim Harbaugh speaks on Moore's firing, charges ▶ 0:55
Jim Harbaugh speaks on Moore's firing, charges
Detroit neighbors oppose Cover Girls strip club ▶ 0:34
Detroit neighbors oppose Cover Girls strip club
U.S. Mint's 2025 pennies sell for $17M ▶ 0:44
U.S. Mint's 2025 pennies sell for $17M
From the Vault: Detroit on Christmas Eve, 1977 ▶ 1:19
From the Vault: Detroit on Christmas Eve, 1977
Bloomfield Township police arrest the Grinch! ▶ 0:56
Bloomfield Township police arrest the Grinch!
3 dead, 2 injured in Detroit house fire ▶ 0:44
3 dead, 2 injured in Detroit house fire
Ex-Michigan coach Moore in custody post-firing ▶ 1:08
Ex-Michigan coach Moore in custody post-firing
Flint native becomes latest EMU president ▶ 0:24
Flint native becomes latest EMU president
Jake Vedder eyes 2026 Olympics medal ▶ 1:38
Jake Vedder eyes 2026 Olympics medal
Strangers' kindness makes 88-year-old vet a millionaire ▶ 1:23
Strangers' kindness makes 88-year-old vet a millionaire
Tolls on Ambassador Bridge to increase Jan 1 ▶ 0:45
Tolls on Ambassador Bridge to increase Jan 1
Coyote carrying dinner seen in Oakland County ▶ 0:13
Coyote carrying dinner seen in Oakland County
The Great Lake that wasn't: Lake Champlain ▶ 1:49
The Great Lake that wasn't: Lake Champlain
Detroit Family Dollar video sparks shoplifting response ▶ 0:27
Detroit Family Dollar video sparks shoplifting response
Local elementary school principal rings bell after completing chemotherapy treatments ▶ 2:17
Local elementary school principal rings bell after completing chemotherapy treatments
Previous photo Next photo