3 Questions to Ask Before Using Your Emergency Fund

3 Questions to Ask Before Using Your Emergency Fund

Stay on budget and work the Baby Steps long enough, and you’ll understand the power of building your emergency fund.

After all, stuff happens. And an emergency fund offers peace of mind when the circumstances of life get a bit—or a lot—chaotic.

Because of your hard work, you might be sitting on a hot $1,000—or upwards of $15,000—ready whenever you need it. Sounds good, right? And it is!

But here’s the dilemma: An emergency fund piling up in the bank and sitting month after month can start to feel less like security and more like a bonus. The lines between emergency needs and urgent wants can begin to blur a bit. We’ve all be there!

So today we’re offering a litmus test of sorts: Three questions you can ask to determine if your stated emergency actually warrants a visit to the emergency fund. We’ll also talk about a few quick fixes to clear up any emergency fund confusion in the future.

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How to Save Money Fast

How to Save Money Fast

Want to take control of your money for good?

You already know this advice: Get out of debt. And we’re totally on board with this plan. But first, you need a starter emergency fund. Just $1,000 in the bank provides you with all kinds of financial protection.

When you’re holding $1,000 before getting out of debt, you can avoid taking on new debt. So when life tries to mess with you—your tire goes flat, your kid gets sick, the pipe under your sink bursts—you’re ready. You can easily pay what you owe and move on to more important things like knocking out that debt.

Of course, maybe you’re wondering, How on earth am I going to make $1,000?Don’t worry. We’ve got plenty of ideas. If you’re willing to get a bit radical, you’ll not only make $1,000, but you’ll make it fast!

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9 Ways to Save Money on Your Summer Party

9 Ways to Save Money on Your Summer Party

Summertime is party time!

With the warm weather, patriotic holidays and aroma of backyard cookouts everywhere, it’s only natural to want to invite friends and family over for a get-together. After all, it’s the perfect time to be outside having fun. But that fun can often come with a big cost.

But does it have to?

You can have an awesome celebration by being creative and spending wisely. It just takes a little planning on your part. Check out these nine ways to keep your fun level up and your cost level down:

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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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