What’s in your emergency fund?
Learn how to find your starting point for your “in case of emergency” savings.
When it comes to money, you have a lot on your plate. There’s finding a job that pays, sorting out your bills, creating a budget and saving for the future. Even with all those balls in the air, it's also wise to consider adding a key financial tool, if you can: an emergency fund.
Why build an emergency fund?
Think about what you can use earmarked funds for: paying a medical expense, losing your job or covering a roommate’s rent if they unexpectedly move out.
Not having enough money saved to cover an emergency can snowball:
How much should I save?
Expert advice suggests saving a range of three months to nine months worth of your total monthly expenses, based on your circumstances.
Consider: Do you have any of the following?
Start with a goal of three months and think about boosting your savings target for each item you check mark. You want to make sure you have enough saved that you can still provide for yourself (and others) and meet obligations.
What to do if that seems impossible
What to do in an emergency
Even if you haven’t hit your savings goal, you can still prepare for emergencies.
If you lose your job:
If you must unexpectedly pay a large bill:
You don’t have to wait to prepare for the unexpected. Getting a grip on your finances and having an emergency fund savings plan based on what’s feasible can be your starting point.
Find the right U.S. Bank savings account option for building your emergency fund.