An emergency fund, sometimes called a rainy day fund, is money set aside in something like a savings account, or cash account, that’s easily accessible when needed to cover unexpected expenses or financial emergencies. It’s a safety net for all of life’s surprises, and a crucial part of financial planning and financial literacy that can help manage unexpected events without having to rely on credit cards or loans. An emergency fund can cover everything from car repairs, and a new phone replacement, through to covering costs if faced by a sudden job loss.
We acknowledge and thank the FMA, Dr Karena Kelly and Brook Taurua Grant, the RBNZ and the Māori Dictionary for their research which helped us with te Reo Māori kupu for this glossary.
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