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

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

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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Emergency Fund 101: A Quick Guide to Baby Step 3

Wouldn't it feel great to have a buffer between you and the curveballs life throws at you—a buffer that helps you sleep like a baby because it turns a crisis into an inconvenience?

Well, there’s good news! That buffer is part of the EveryDollar plan. Say hello to the fully funded emergency fund, also known as Baby Step 3.

The emergency fund is a reserve of three to six months' of expenses that you set aside to cover any sudden costs such as a fender bender, hospital visit or leaky roof.

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