Episode 76 - Emergency Fund 101: How Much Should You Really Save?
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Episode 76 - Emergency Fund 101: How Much Should You Really Save?
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About this listen
Summary:
In this episode, I break down the essentials of emergency funds—what they are, why they matter, and how to build one without stress.
Key Takeaways:
- An emergency fund is your financial safety net for unexpected expenses like car repairs, medical bills, or job loss.
- Aim to save 3–6 months of essential expenses (rent, groceries, insurance, etc.).
- If you're just starting out, a $500–$1,000 starter fund is a solid first goal.
- Keep the fund in a high-yield savings account—safe, accessible, and earning a bit of interest.
- Grow your fund faster by automating savings, using windfalls, cutting non-essentials short-term, and selling unused items.
Remember, it’s not about hitting a huge number overnight—it’s about building financial peace of mind, one small step at a time.