[A045] Ish Happens: Prepare For the Inevitable Emergency

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If you had to come up with $500 for a car repair or a new appliance, could you get the money? What happens if you lose your job? It’s guaranteed that every adult will face some sort of emergency.

Most Americans can’t handle that, so they turn to credit cards and other debt to help when life throws them curveballs.

Don’t be one of them. Get ready for an unexpected setback by building an emergency fund designed to provide you with what you need in a pinch.

Concepts

• What is an emergency fund, and why do you need one?
• How much should be in your fund?
• Where should you keep your emergency fund?
• All-cash funds vs. keeping it elsewhere.
• How to set up a tiered fund.
• Tips for starting your emergency fund.
• Characteristics of a good emergency fund.
• Do credit cards have a place in an emergency?

Listen for our “do-nows” for specific actions you can take right now to begin building your emergency savings. We’ll also answer a listener question about how to free up money even when you’re sure you don’t have any available.

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Resources

Americans without emergency savings

Americans don’t have emergency savings

All cash may not be the best choice