Factors to Consider When Setting Up an Emergency Fund

You know that an essential part of your financial health is having an emergency fund of some sort. Creating an emergency savings plan to help you through difficult times is important. Your emergency fund can help you make housing payments, buy food and pay for utilities. If you want true financial freedom, you have to have an emergency fund. Before you set up your emergency fund, though, consider the following:

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  1. Which banks are people using for emergency plans? Does any matter?

  2. Agreed 100%. An emerfency savings fund is critical especially for a family when things are unsure at times. My wife and I have separate bank accounts but we also carry a joint account for day-day costs and an emergency account that we both put money into automatically from our job paychecks that just sits idley by until an emergency arrives.

    We are now thinking about moving it into a GIC account to take advantage of higher interest rates.

  3. I love the piggy pic.

  4. I don’t have one but for me i think it is more about financial responsibility. If one is responsible enough then i dont think an emergency fund is necessary. having one just entices you to dip into it from time to time.

  5. Unless you are young and feeling indistructable i think every one should have some kind of similar fund handy.

  6. My husband and I have an emergency fund that has come in handy more than a few times. Our most recent one occurred on a vacation in the Bahamas. Our luggage was lost and dummy us we had our money in it.

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