Definition: Emergency Savings Fund - Examples & Advice | Bolder Money

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Definition

Money saved specifically for sudden financial needs. It works alongside insurance to provide a safety net during crises.

What to consider

Ensure transparent management of the fund.
Define clear eligibility criteria.
Monitor fund contributions and distributions regularly.

Real world scenarios

A community set up a protection fund to assist members with major medical bills.
A business established a protection fund to cover losses from cyber incidents.
An organization created a fund to help employees recover from personal financial setbacks.

Related terms

Insurance & Financial Protection

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