Should I Save for My Emergency Fund or Pay Off Debt?

Emergency funds are a vital part of your financial health - but how much should you have? When do you focus on paying off debt? I have a step-by-step approach to the emergency fund and debt payoff to follow!

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[sourdoughsavant]

As Caleb Hammer likes to say, "Not having an emergency fund IS an emergency!"

[kamwess]

I like how it didn’t take you 5 minutes to get to the point. Thanks for saving time

[Jedislayer_]

Had 10k left in debt and 12k in savings just decided to pay off the debt definitely weight off my shoulders and am gonna re build my e fund.

[ShenitaRamos]

rent is $1800, internet is $180, etc.. my numbers are so high!

[patrickpearl]

A months rent here locally, for a one bedroom is between 1250 to 2000 a month rent alone not including car groceries etc

[Tashas_Travels]

I was actually doing both, I owe my mom so thank God she's not a bank.

I just managed to save up my first $1000 emergency fund, so from August I will simultaneously be saving 6 months worth of living expenses at $50 a month for 1 year & paying off the $1300 that I owe my mom at $100 a month.
After I pay that off then I will channel the $100 towards my 6 months worth of living expenses and put $150 monthly.

From little things big things grow 😊

[noahsiegle]

Once I get my debt paid down, I want a whole year's worth, which is around 11, 000. I should have all my student loans paid off by next May

[fewsproducts]

Thank you so much for the information you provide! I have learned a lot so far. I just found your channel today and subscribed. I’m really glad I did. Thank you 🙏💕

[amandataylor]

I've saved $1000. I'm going to pay off my credit card before savings 3 months of expenses solely because I can pay off the credit card in 2 months.

[o.c.g.m]

If your under 40 and you live in or near a city & your childless DONT GET A CAR !!! I asked 3 different people today about car cost ALL 3 SAID $800/MONTH 😢.

[cliftonhammock]

Being in debt is an Emergency !!!! Get Rid Of It !!!!

[kevinrehberg]

Long time saver/debt free... Lost nearly all of my nest egg in the disability process and had to rebuild my EF after I paid off my existing CC debt and medical bills. It's been 13 years since the benefits kicked in and I have had just a couple of "monthly interest" CC payments as I added $125.00 monthly to the EF/CD Ladder. The ladder was 60 months long and in $100-125 increments at one point.. It came in handy too it paid my share of the cataract surgeries that Medicare didn't cover..
Today I am investing my pensions.. about $400 monthly since I have grown accustomed/tolerant of the frugal lifestyle and in two years have 11K in investments and a 10K EF/CD Ladder. I still add to the EF $125.00 monthly.. but it's only a 1/3rd of what I put into investments

[malloryross]

This has helped my husband & I so much! Thank you for your videos! We now have $6500 in our emergency fund. A 3 month emergency fund would be $9000, we are getting closer & will hit that goal in 2 months!

[shanisafan]

I have an 18 month emergency fund. I think I will drop it down to 12 months. I am not willing to go any lower.

[MariaGarcia-gvhj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it."

[twistnloc]

I’m aiming at 9600. That’s three months for me and I’m using my part time jobs to fund it

[eyebrow]

Very informative video. Thank you. Subbed and thumbs up!

[AshtasticAcrobat]

What about high interest debt? Aren’t you paying more in the long run the longer you don’t pay those off?

[electricpenguin]

I am aiming for 5k in my emergency fund, which would be 3 months of living expenses for my husband and I. I am about halfway there 🎉

[derekwolfgang]

Uno de los mejores consejos de finanzas, feliz de encontrar