Save for Emergencies
by Steve Georgoulakis, CFP® on Monday February 03, 2025
Posted in Category: Saving, Wallet Workouts
Tagged with : Wallet Workouts
Posted in Category: Saving, Wallet Workouts
Tagged with : Wallet Workouts
Does your wallet need a spot?
An emergency fund is the key to getting through tough times.
This week’s workout:
Save for Emergencies
- Be ready when things go sideways. From car repairs to a broken cell phone, we all face unexpected expenses and financial emergencies.
- How do you push through? Simple: have a little money set aside.
- An emergency fund gives you the financial strength to adapt and overcome adversity.
Exercise 1
Warm up with at least $1,000 in your emergency fund and keep saving until you have 3 to 6 months’ worth of living expenses.
Exercise 2
Keep your emergency fund in a safe and accessible account that is separate from your everyday checking account.
Exercise 3
Strengthen your emergency fund with an automatic deposit or by selling unused items.
Exercise 4
Mix up your savings workout routine by trying these great tips for building an emergency fund.
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