8 Ways to Build an Emergency Fund

Emergencies are imminent. From flat tires to natural disasters to pandemics, emergencies will arise. That’s why an emergency fund is so important to have, especially in moments of crisis. Here are 8 ways to build an emergency fund.

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I’M SOCIAL UP IN HURR:

[gardenofe]

I am saving towards my emergency funds as we speak !! I want 1-2 years of my living expenses at the minimum !!

[TheJasonVitug]

Yea we definitely need more than $1000. I use a two fund approach for rainy days ($1000) and for periods of underemployment (6-months of my essential expenses). Peace of mind is so important over maximizing returns. Thanks for your tips!

[betterXdesign]

Your positive mindset is a powerful force. Thank you for empowering us to see the good in every situation! 💪

[HipHopMovieNews]

I love the “Oh shit” fund lol. There’s been plenty of time I was like “oh shit” what the hell am I going to do about this bill that just popped up. Good advice. Me personally, I currently have about 3 months emergency fund set up. The goal is to have 1 year set up.

[inea]

Im currently working on debt snowballing my consumer debt, i do have one month of expenses in Emergency Fund. Can't wait to have my target 6 months Emergency Fund as well.

[audreyxlinn]

Really loving the content and frequent uploads lately!

[aamariamason]

Love your channel! You are so relatable! Thanks for everything! 💛

[hurtinhouston]

This is sound advice! Keep up the great work!

[g_young]

Love your content! My "oh shit" fund slowly turned into an "oh snap" fund. Now I have an "oh well" fund :)

[pavankulkarni]

I love you and your explanation.. Thanks Justin...

[cassandrapapakyritsis]

I love that yah call the emergency fund an "oh shit fund". So gonna steal that name. Going to be changing the account name in my bank to that when I'm done this video.

[alimahb]

I’m working on 50K. I will get there b4 the year is up but I’ll keep adding for the rest of my life.

[exgamer]

I maintain a minimum balance in checking acct for expenses, but the remainder of EF is in separate savings.

[isaiahchi-townwilson]

I had put money 💰 into a Emergency 🚨 Stash that I had kept and when I added or add more money that when i count how much I have and writhe amount on my phone and put it with my emergency stash and I don’t even touch it because I start building up that I save up every month and don’t spent it at all

[daisymorris]

Could you make a video on the best methods of saving for your children?

[Justin-vlph]

Should I start an emergency fund during the time I pay back all my student loans? I was planning on just paying for rent, food and then whatever is left over will go towards my loans, or should I just start right away.

[markwalter]

It's not a question of if; but, when an emergency will happen. You can't look to your parents who have problems of their own. Your friends have their own families and responsibilities. During a Recession, multiply the job search time by 3X. Care can't begin in the Emergency Room. Put the money away now.

[carom]

Holy crap! 30, 000?! Is that just living expenses or a little extra per month?

[jackcarraway]

Right now I simply put 25% of my paycheck into the emergency fund: 20% is cash, 5% is gold (anti-inflation hedge). Once I get to a point where I'm fully comfortable with the amount of cash I have, I lower contributions to 10%, half of it being cash and the other half gold.

Any time I go under-budget on something for the month, I put the remaining balance into the emergency fund.

[richardlee]

I really don't recommend an emergency fund larger than 3 months. Too much money saved in a savings account can lose money if not invested. In worst case scenarios, a credit card is no sin. In a worst case scenario, you can declare bankruptcy as your retirement accounts are not touched in bankruptcy.