A savings account for emergencies is essential for individuals as well as churches. Do you have the money in a savings account to replace a tire, a lawn mower or to cover an unexpected medical expense? If you answer no, now is the time to begin setting aside money for that purpose. The same is true for a church.
Do you have money set aside to cover two to three months of operating expenses? Is there an adequate reserve to cover replacement of an air conditioner or other essential piece of equipment? If not, now is the time to build a reserve.
A reserve fund or savings account is not a luxury but a necessity. Having money put away for emergencies is just good fiscal management. Some folks believe that a church should never put away funds because the money is given for ministry and mission. I believe that donors expect the leaders of the church to be wise money managers.
Wise money managers have a savings account or reserve fund that is drawing interest and tucked away for unexpected and expected future needs. The same is true for individuals.