March 13, 2025
Greetings!
You've heard financial experts say it, you've heard me say it... you've probably heard your dad say it;
you have to keep six months worth of expenses in an emergency account somewhere. That is in addition to long-term savings like a 401(k), an IRA or CDs.
Today we're looking at emergency funds and the other secret... How to never use it. Please scroll down for more.
Be Well,
Anisa
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What is an Emergency Fund?
An emergency fund should only be used for, well, emergencies like; an urgent repair, a medical expense, or heaven forbid, unemployment. That's where we get the 'six months worth of expenses' rule. If you find yourself without an income you won't have to worry about covering your rent or mortgage, insurance, utilities and car payment while you look for work.
But how do you keep a healthy, well-padded emergency fund when expenses constantly pop up? The first trick is to fund it regularly. I have a $100 directly deposited from every paycheck into my emergency savings. This is part of my budget. I never even see it. This way the account is constantly growing, albeit slowly, instead of contributing to it in bits and chunks.
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