The type of goal that can help you be prepared for unexpected costs such as car repairs is an emergency fund.
An emergency fund is a cash reserve set aside specifically for unplanned expenses or financial emergencies. Common examples include car repairs, home repairs, medical bills, and loss of income. An emergency fund is a great way to have cash on hand for unexpected expenses.
Even if you can only deposit a small amount you can rest assured when you need money immediately. Consider saving money in high-yield savings or savings account for unexpected future expenses. A small amount in an emergency fund can help you prepare for your next unexpected expense.
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