Unfortunately bad and unexpected events happen in life, and in most cases those bad situations cost money.
Michael Markey Jr., co-founder and owner of Legacy Financial Network says in order to avoid being in a bad financial situation, it's a good idea to have at least $5000 in a savings account for emergencies. However not many people have this much money in their savings and checking account, leaving them in a tight spot when those unexpected events happen.
The best way to start an emergency savings fund is by putting 10 percent of each paycheck into a savings account. While for some it may not seem like much, but overtime their savings will grow into a $5000 safety net.
For more information on how you can fireproof your finances, visit www.legacyfinancialnetwork.com or call 1-855-LFNETWORK.