Week 3 – Save for Emergencies

by Steve Georgoulakis, CFP® on Tuesday January 16, 2024
Posted in Category: Saving, Wallet Workouts

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.

 


Athlete Stretching

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.



Emergency Fund written on chalk board

Exercise 2

Keep your emergency fund in a safe and accessible account that is separate from your everyday checking account.



Children hosting a garage sale

Exercise 3

Strengthen your emergency fund with an automatic deposit or by selling unused items.



 

Two adults stretching

Exercise 4

Mix up your savings workout routine by trying these great tips for building an emergency fund.

 

 

 

 

 

Join us for 7 Wallet Workouts

ACHIEVE FINANCIAL FITNESS LIKE NEVER BEFORE!

Jan. 3 Have a Financial Game Plan

Jan. 10 Spend Less than You Earn

Jan. 17 Save for Emergencies

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Jan. 24 Use Debt Responsibly

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Jan. 31 Protect Your Life, Loved Ones & Possessions

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Feb. 7 Save and Invest for Your Future

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Feb. 14 Rest & Recovery

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Feb. 21 Prepare Your Legal Documents

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