My emergency fund is worth tens of thousands of dollars, and I used a simple 5-part strategy to build it

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An emergency fund is a critical lifeline that can help you or your family in the event of a loss of income or a major unexpected expense.

With tens of millions of jobs lost in the COVID-19 crisis, the need for an emergency fund is clear.

A slow and steady savings strategy can help you save up months of expenses over time.

See Business Insider's picks for the best high-yield savings account

In the age of the coronavirus pandemic, it doesn't take a big imagination to understand financial emergencies. A trip to the emergency room with virus symptoms could save your life, and lead to a bill for thousands of dollars. A lost job could mean you don't have enough cash coming in to pay the rent, mortgage, or utility bills, let alone buy groceries.

But even in good economic times where we are not shielding ourselves from a highly contagious pathogen, there are plenty of times an emergency fund comes in handy. Unexpected repairs to your home or car, surprise injuries or illnesses, or a company layoff are always possible. See the rest of the story at Business InsiderNOW WATCH: Why Pikes Peak is the most dangerous racetrack in AmericaSee Also:6 easy steps to save money in 60 minutesOpening a high-yield savings account with AmEx was easy, and I've already earned 74 in interest in the first monthChase offers 3 checking accounts with no minimum opening deposit and up to 300 in sign-up bonuses

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