Piggy bank with money all around it

Everything You Need to Know About a Fully Funded Emergency Fund

You’ve stashed $1,000 away. You’ve paid off your debt. (Seriously? Bravo! That’s incredible.) Now what?

You’re ready to start your fully funded emergency fund (aka Baby Step 3). This is the unglamorous, but necessary, super-money-saving stage. Why isn’t it glamorous? There’s no paid in full stamp along the path and no debt-free scream at the end of your goal. But what it lacks in charisma it makes up for in confidence.

Your grandmother taught you to save for a rainy day because guess what? It rains. Once your $1,000 starter emergency fund is in place, you’re in a better situation to handle a financial rainy day, but you aren’t secure against a downpour or, God forbid, a flood.

That’s why Baby Step 3 exists: You’re out of debt now, and you don’t need a downpour to push you back under.  

But who, what, when, where, how, and why? Don’t worry—we’ve got those answers!

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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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