My Chocolate Lab’s $4,300 Vet Bill: Why You Need An Emergency Fund

It is a savings account in case of an emergency. Typically, most people keep a reserve or stash of money set aside in case life throws an emergency or issue that requires financial means.

2 Reaons You Need an Emergency Fund:

1. Most adults have less than $1,000 in savings. 2. Emergencies will happen.

How to Start an Emergency Fund:

1. Find out how much 6 months of fixed living expenses would cost you. 2. Open an online savings account. 3. Only access your emergency fund when there is an emergency.

How much should you have in your emergency fund?

The best way to figure out how much you will need to save is to use a simple emergency fund calculator or just grab your monthly budget.

Emergency Fund Calculator

If you don’t have a budget and you want to simply go with a rough estimate  then you can use an emergency fund calculator.

My Emergency Fund Take Away

To start an emergency fund ASAP, make sure it is in a separate savings account and be sure to keep all chocolate higher in the pantry if you own a dog!

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