How is an emergency fund similar to and different from a savings fund?

Emergency fund are funds that are saved for unforseen circumstances.

Saving fund are funds  that are saved for future purposes or for a  particular future aims and goals.

Similarities:

• Both emergency fund and saving fund are both funds that are set aside for important purposes.

•They both help to control how you spend your money

Differences:

•Emergency fund are funds that are saved for situation where you urgently need cash to make use without having to lend or borrow from some else.

•Saving funds are funds which are kept  for a specific purpose especially for future planning such as saving to buy a house, car , private jet among others.

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An emergency fund is an instantly available source of money in any situation to face the financial dilemma, the situation can vary from individual to nation, according to most financial planners an emergency money should contain at least three to six month worth of expenses.

while on the other hand saving funds are those funds which you saved during your normal life to meet your expenses in the coming future.

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step-by-step explanation:

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