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Start Your Emergency Fund — Peace of Mind Awaits

At the MyBambu blog, we’ve often talked about the importance of saving. We want to help improve and organize your financial life, which is why we believe having an emergency fund is essential. This fund acts as a financial cushion for unexpected situations. Today, we’re sharing some steps to help you build your emergency fund so you can sleep peacefully at night. 

What is an emergency fund? An emergency fund is a set amount of money that provides financial stability in unforeseen circumstances, such as unexpected repairs, medical expenses, or loss of income. Below is a practical guide to creating and maintaining your emergency fund:
  1. Define Your Financial Goals

Setting clear goals helps you plan your finances successfully. You can categorize your goals into:

  • Short-term: For example, saving $50 for an emergency fund.
  • Medium-term: Paying off a credit card debt.
  • Long-term: Buying a home or investing in your own business.
  1. Set a Realistic Budget

Knowing your income and expenses is essential to determine how much you can allocate to savings. A helpful method is the 50/30/20 rule:

  • 50%: For basic needs like housing, food, and transportation.
  • 30%: For personal expenses such as clothing or entertainment.
  • 20%: For savings or debt repayment.
  1. Determine Your Emergency Fund Amount: It’s useful to have an estimate of how much you’d like to save. Ideally, your emergency fund should cover at least three months of basic expenses. However, if this seems unattainable at first, start with a smaller goal and increase it gradually.
  2. Choose the Right Financial Tool: Your emergency fund should be easily accessible and stored in a secure place. A great option is your MyBambu account, which helps you manage your expenses and keep track of your transactions efficiently.
  3. Review and Adjust Your Emergency Fund: Personal and economic circumstances change over time. It’s advisable to review your emergency fund periodically and adjust it according to your needs.
  4. Avoid Using Your Fund for Daily Expenses: Maintaining discipline is key—use your emergency fund strictly for urgent situations. Remember, it’s meant for true emergencies only.

At MyBambu, we understand the importance of your financial well-being. Our app offers services to help you manage your finances more efficiently.

Remember, the key to a successful emergency fund is consistency and planning. Start building your financial cushion today and secure your peace of mind for any unexpected situation! 

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MyBambu is not a bank. The MyBambu deposit account and MyBambu Visa® Debit Card are issued by Community Federal Savings Bank, Member FDIC. Not all financial services available through MyBambu are offered by Community Federal Savings Bank, refer to each service’s agreement and/or terms and conditions for further information.

BY USING THIS CARD, YOU AGREE TO THE TERMS AND CONDITIONS OF THE MYBAMBU DEPOSIT ACCOUNT AND CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. The MyBambu Visa® Debit Card is issued by Community Federal Savings Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. This card can be used everywhere Visa® debit cards are accepted.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT — To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

1. Register and open a MyBambu account using your country’s official ID; we do not verify your immigration status.

2. No monthly Fee, No Overdrafts, No minimum Balance. An inactivity fee may apply after 12 months.

3. Extra fees, such as, transfer fees, intermediary bank or foreign exchange charges, may apply.

4. Offer valid only when your referred friend opens a new MyBambu account and is verified.

5. Visa’s Zero Liability Policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. Cardholders must use care in protecting their card and notify their issuing financial institution immediately of any unauthorized use. Contact your issuer for more details. https://usa.visa.com/pay-with-visa/visa-chip-technology-consumers/zero-liability-policy.html

6. International money transfers are not offered by Community Federal Savings Bank. From time to time, MyBambu may offer promotions related to the use of this service. Extra fees, such as, transfer fees, intermediary bank or foreign exchange charges, may apply. Regular fees will apply as per MyBambu’s fee schedule at the conclusion of any promotion. MyBambu reserves the right to change or end any promotion at any time.

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