Definition, Meaning & Synonyms
contingency-fund
noun
/kənˈtɪn.dʒən.si fʌnd/
Definition
A contingency fund is a reserve of money set aside for unexpected expenses or emergencies.
Examples
- The company established a contingency fund to manage any unanticipated repairs.
- It’s always wise to have a contingency fund for unexpected medical expenses.
- The community set up a contingency fund to support residents affected by natural disasters.
Meaning
It serves as a safety net to cover unforeseen costs that may arise in various situations, ensuring financial stability and preparedness.
Synonyms
- reserve fund
- emergency fund
- buffer fund
- unexpected expense account
