Developing the discipline to create an emergency fund “is mission critical to your financial security,” says Sergeant Debt, the larger-than-life fictional character introduced to consumers through the internet by nonprofit InCharge Debt Solutions. The entertaining drill sergeant barks orders designed to get Americans financially healthy by developing “anti-debt shield weapons” like savings accounts in celebration of “Military Saves Week 2012.”
“The emergency fund protects you from financial ambushes such as loss of income and unexpected bills,” explains Sergeant Debt. “It should be 6-9 months of living expenses, just in case.”
The emergency fund-themed video is one in a series of online educational tools being released by InCharge to further its ongoing mission of improving financial literacy, helping consumers manage money effectively, and use credit responsibly.
Following the Sergeant’s advice can pay long-term dividends. As he explains, his order to create an emergency fund “is so effective, that once you implement and maintain, you may never go into debt again.”
In today’s drill, Sergeant Debt is teaching you about your financial debt shield… Emergency Fund. The recommended amount of funds for your account is 6-9 months of living expense. You can help yourself out by electing for the funds to be transferred automatically from your checking to your saving account.