Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Mortgage rates tick higher for first time in weeks

July 11, 2025

Social Security & The Big Beautiful Bill

July 11, 2025

Ford Recalls 850,000 Vehicles: What It Means for Your Safety and Your Finances

July 11, 2025
Facebook Twitter Instagram
Trending
  • Mortgage rates tick higher for first time in weeks
  • Social Security & The Big Beautiful Bill
  • Ford Recalls 850,000 Vehicles: What It Means for Your Safety and Your Finances
  • Mark Cuban Says AI Will Mint a Trillionaire. Start Your Climb Here
  • Here’s How Much Google Pays Software Engineers, Designers
  • This Former NFL Player Built a Brand Around Nasal Breathing
  • What My First Failed Startup Taught Me — and How I Finally Got It Right 20 Years Later
  • Trump admin resuming interest charges for nearly 8M student loan borrowers after Biden's limbo
Saturday, July 12
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » Emergency Savings Basics
Savings

Emergency Savings Basics

News RoomBy News RoomAugust 6, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

One of the key pillars to financial wellness is building an ample emergency fund. We know

it: how easy it is to succumb to everyday temptations instead of putting more money away for a rainy day. We have some simple steps which you can implement today to help you build a cushion for when you need

  1. Break it Down – No one expects you to magically have a robust emergency fund overnight, and saving up to 6 months of living expenses can sound intimidating. By breaking it down and setting aside $5, $10, or $25 plus each week, you’ll find that building your emergency fund is much more manageable.
  2. Make it Automatic – Just as you have your retirement contributions automatically deposited into your retirement account, make your emergency savings automatic too. It’s easy to avoid spending the money when you don’t even see it from the beginning.
  3. Separate the Emergency from the Everyday Savings – Maintaining a savings accounts is great. However, be sure you differentiate between the money you are putting aside to save for that dream vacation or new house versus the money you are putting into your emergency fund. Ideally, you should have two different savings accounts: 1) one for emergency savings, and 2) another for goal savings, so that you can keep your different types of savings separate and visually see your financial strategy at work.
  4. Don’t Make it Too Easy to Pull the Money – The ideal emergency fund is accessible, but isn’t readily available for everyday use. While you want to be able to get to your emergency fund when you need it, you don’t want to make it too easy to spend the money unless it is an actual emergency. In theory, being able to easily transfer between your emergency savings account and your other accounts sounds like a great idea. However, it can also become very tempting to pull out that $25 here and $100 there for everyday purchases. Create a system that prevents this!
  5. Your Retirement Savings Does Not Count as an Emergency Fund – Some company-sponsored retirement plans allow participants to take out a loan from their retirement account. But don’t think that this means your retirement fund can work in lieu of an emergency savings account. One of the last places you want to pull money from when you have an emergency is your retirement plan. On top of the potential taxes and penalties associated with taking (and defaulting on) a loan, as well as the short repayment period, you could also be losing an exponential amount of growth within your retirement fund. Don’t borrow the money from your future self unless you absolutely must. Instead, prepare in advance to build an emergency fund for life’s unexpected (and usually unwanted) situations.

Can't make it in person?  Join us online!   This presentation will also be held via live webinar.  Register for the webinar here

 



Read the full article here

Featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Ford Recalls 850,000 Vehicles: What It Means for Your Safety and Your Finances

Burrow July 11, 2025

Mark Cuban Says AI Will Mint a Trillionaire. Start Your Climb Here

Make Money July 11, 2025

Here’s How Much Google Pays Software Engineers, Designers

Make Money July 11, 2025

This Former NFL Player Built a Brand Around Nasal Breathing

Investing July 11, 2025

What My First Failed Startup Taught Me — and How I Finally Got It Right 20 Years Later

Make Money July 11, 2025

Millionaires Are Fleeing These 10 Countries (the First Is Now in Europe)

Burrow July 10, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Social Security & The Big Beautiful Bill

July 11, 20250 Views

Ford Recalls 850,000 Vehicles: What It Means for Your Safety and Your Finances

July 11, 20250 Views

Mark Cuban Says AI Will Mint a Trillionaire. Start Your Climb Here

July 11, 20250 Views

Here’s How Much Google Pays Software Engineers, Designers

July 11, 20250 Views
Don't Miss

This Former NFL Player Built a Brand Around Nasal Breathing

By News RoomJuly 11, 2025

Entrepreneur As a former NFL player and lifelong high performer, Todd Anderson was obsessed with…

What My First Failed Startup Taught Me — and How I Finally Got It Right 20 Years Later

July 11, 2025

Trump admin resuming interest charges for nearly 8M student loan borrowers after Biden's limbo

July 10, 2025

Using Legal Authority Over An Aging Parent

July 10, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Mortgage rates tick higher for first time in weeks

July 11, 2025

Social Security & The Big Beautiful Bill

July 11, 2025

Ford Recalls 850,000 Vehicles: What It Means for Your Safety and Your Finances

July 11, 2025
Most Popular

51 Reasons I Won’t Lend Money to Friends and Family

August 6, 20231 Views

Mortgage rates tick higher for first time in weeks

July 11, 20250 Views

Social Security & The Big Beautiful Bill

July 11, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.