You've Dipped Into Your Emergency Fund. Now What?

You've Dipped Into Your Emergency Fund. Now What?

Sometimes life looks like this:

Things are moving along at a steady clip and you’re finally feeling some hope for the future. Then all of a sudden, life hands you something unexpected. Maybe you’re working the Baby Steps and managing your money like a boss when your car breaks down, your furnace gives out, or your job is no longer your job.

With an emergency fund you can take a deep breath, use that emergency fund to pay for what life throws your way, and move on with a sigh of a relief!

But what comes next? When and how should you rebuild your savings? Let’s explore this together.

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Here’s How to Set Up Your Emergency Fund

Here’s How to Set Up Your Emergency Fund

We’ve all had big expenses we didn’t see coming. That’s life. But that future (inevitable) car repair doesn’t have to stress you out.

Next time, use your emergency fund! This “rainy day” money provides a cushion between you and all the stuff that hits the fan.

Here are four common questions about emergency funds and how to set yours up:

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The Emergency Fund: Why You Need One, and How to Get One

The Emergency Fund: Why You Need One, and How to Get One

Walk out of the salon with a different hairdo than you came looking for, and well, money’s not much help. Time is needed to grow out those awkward bangs. For most other emergencies—you know, real ones like when you accidentally wreck your car because you’re crying over that bad haircut—cash-on-hand saves the day.

Maybe you’re nodding along in agreement because money in a real emergency fund would solve lots of problems. But you’re unsure of how to save up or what to do first. We’re here to help! Below you’ll find answers to all of your emergency fund questions as well as tips for where to store your money and when to use it.

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5 Easy Budget Tips to Set Aside $1,000 for Emergencies

5 Easy Budget Tips to Set Aside $1,000 for Emergencies

A 2018 Federal Reserve survey reveals four in 10 adults would have to borrow or sell something to cover a $400 emergency. And a third of us are a moderate monetary setback away from serious financial hardship.(1)

Can you imagine having to sell your couch to fix your car? Where would you binge watch your favorite dramadies? Or what about that awkward call to get a loan from your parents—when you know you’re supposed to have this adulting thing down?

It doesn’t have to be that way! There’s a better way, and it’s called an emergency fund. Increasing the buffer between you and those “why me?” expenses relieves some of the stress that comes with an unexpected emergency.

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