Why Emergency Savings Matter—Now More Than Ever

From unexpected medical bills and job changes to surprise vet visits or a brokenfurnace, financial emergencies don’t wait until you’re ready. And with economic shifts and unexpected expenses always a possibility, having a dedicated emergency savings fund is an essential step toward financial stability.

Whether you’re just starting your financial journey, supporting a growing family, or preparing for life’s next big transition, emergency savings give you peace of mind and flexibility. Let’s explore how to build yours.

What is an Emergency Fund?

An emergency fund is a dedicated savings account reserved for unexpected situations such as car repairs, job loss, or a medical emergency. It’s not a vacation fund, and it’s not meant to be combined with long-term savings for a home, retirement, or education.

Keeping this account separate from your day-to-day checking or other savings accounts helps reduce the temptation to dip into it for non-urgent expenses. Think of it as your financial safety net—always there, just in case.

How Much Should You Save in an Emergency Fund?

There’s no one-size-fits-all number, but a good rule of thumb is to aim for three to six months’ worth of essential expenses. What counts as “essential” will depend on your lifestyle and responsibilities, but typically includes:

• Rent or mortgage payments
• Utilities and groceries
• Transportation
• Childcare
• Pet care
• Insurance premiums
• Loan or credit card payments

This target might feel intimidating, especially if you’re just starting out, but remember: every dollar you save today gets you closer to long-term peace of mind.

How to Build Your Emergency Fund, One Step at a Time

It’s okay if your emergency fund isn’t fully funded right away. Here’s how to build it gradually and sustainably:

• Automate your savings. Set up a recurring monthly transfer from your checking account. Even $25–$50 per month adds up over time.
• Redirect windfalls. Tax refunds, bonuses, or even birthday cash can give your emergency savings a healthy boost.
• Cut small expenses, not joy. You don’t need to cut out all enjoyable experiences that cost money. But brewing coffee at home a few days a week or pausing unused subscriptions can free up money without sacrificing quality of life.

And don’t forget—you can adjust your contributions over time. Increase deposits when you get a raise or pause if another financial goal temporarily takes priority. Emergency savings are meant to support your life, not compete with it.

Where to Keep Your Emergency Fund

The best place to keep your emergency savings is in an account that offers easy access, earns interest, has minimal fees, and doesn’t carry investment risk.

WesBanco’s Companion Savings account is an ideal option, especially when paired with a WesBanco checking account. There’s no penalty for withdrawing in an emergency, so it’s perfect for letting your emergency fund grow steadily while staying accessible when you need it.

Emergency Savings Accounts in Today’s World

Emergency savings help you stay in control when life throws curveballs, and it reduces your reliance on high-interest credit cards or loans when things go wrong.

By setting aside even a small amount regularly, you’re building a foundation for financial confidence—and protecting the goals that matter most to you.

Ready to take the next step? Learn more about WesBanco’s Savings options and how they can help support your emergency fund goals.

 

WesBanco Bank, Inc. is a Member FDIC. 

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.