Building an Emergency Fund: Everything You Need to Know
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- čas přidán 7. 06. 2024
- Here's everything you need to know about building an emergency fund all in one video. Emergency funds saving can be intimidating, but this step by step guide breaks it down and makes it super easy to understand and get started.
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We are Tasha & Joseph a millennial couple balancing kids, jobs, money, and life.
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I had it then had to use it in an emergency lol but did it come in handy and reduced a mountain of stress and the mechanic was super impressed when I told to go ahead a fix my hubby's car (he gave us the best deal). I got $40 left so I'm back at square one but if I can do it once I can do it again!
Hi Joseph and Tasha! My husband and I recently sold our home to get out of debt. We are currently renting and have begun saving our three month emergency fund. I do miss owning a home but I don't miss having debt. Great video!
How did that work out for you?
Great advice! I love how you broke it down into 3-, 6- and 12-month increments.
I've worked in the financial industry for 28 years. I totally agree with the rotating CD. Excellent idea.
Great advice guys, I'm in the process of still building my emergency fund
Greetings from South Africa 🇿🇦
Great source of info and the rotating CD idea is neat!
I discovered your channel because of Urban Finance, actually. Thank you for the informative video. Already have an emergency fund, and it's funded with 6 months of income for both my fiancé and I. We took advantage of this pandemic and saved up, because it was looking very uncertain for me.
Great advice! Slowly building my own EF
Great information. Thank you!
I just love u guys ♥️😘. Thanks for the tips. I am working on my emergency fund it helped me a lot 🌹
I’m starting an E fund, but I was out of work for a long time and have a lot of things I need to take care of, so once that is done, I will focus on really building iyt
Great video guys adding lots of value and I love your team work!😎
Thank you for this video! Timely video.
Great video! Thank you.
Good stuff, guys....keep sharing...
Love this! I have my 6 month emergency fund and it gives me so much peace of mind having it!
Very good for you! Do you think saving more to your emergency fund?? As I am in my way to 4 months saving but I don't know if I should make it 6 or 12 months as I am also a single parent (one toddler) .
T U I would recommend 6 months, especially with a toddler. ☺️ You are doing awesome!!
Starting an emergency fund. I’ve also heard a quick way to figure it out is to multiple your net payroll for the month by the # of months you want to store as an emergency fund. That’s more aggressive savings, but it’s an easier number to come by, too.
Great advice.. Where were you two when I was becoming debt free "LOL"// Just kidding.. I am glad others get to benefit from your information:-). Emergency funds are very important.. If only to know you have other means outside of your IRA's,401k's.etc. Thanks for your well thought out videos. I appreciate the knowledge.
I decided to keep my spending money as part of calculating my EF mostly because this will offset things like car insurance, registration, clothes, etc. But I wouldn't spend it like I do now with regard to eating out, etc
I just keep enjoying ur videos more and more
I really love the info on this video. When you guys share your budget, do you share how much emergency fund or where you put it? We are higher income wagers too and like to see how families with structure their emergency fund and debt ratios. I have seen the video where you said you pay $600 to school and credit cards, but haven't seen numbers like where you keep emergency money, how fast it would take to get it out in case of an emergency. Also do you consider credit cards unsecured debt you both pay for as fast as possible?
This video is right on time for me!
Question about the CD laddering: where do you guys get your 12-month CDs? The last few times I've looked into doing this all of the 12-mo CDs had a lower interest rate than my Ally high-interest savings account. I like the idea but the numbers haven't seemed to work.
Can you tell us more about that consecutive CD plan?
I am suuuper new to the investing game, but I'm really interested in the last point you made about putting your emergency fund in a CD. How did you guys choose the right CD to use for yours?
i know i'm late to the video, just sarted following you guys, but the trick of having the savings in a separate bank, with no card or possibility of accessing the money "remotely", is THE BEST! I have an extra income that is unrelated to my current job, and last year, i saved pretty much a year's salary! now, sadly, my payment has been cut in half, so i have build a budget (using one of your other videos) for only what i need, and i have to tap into the emergency fund, but it's still holding up strong, and could pretty much last me a little over a year!
I already have an emergency fund which is in a basic savings account but have been considering moving it to an online savings account to get a higher interest rate but never considered a CD. Thanks for the great video! Xoxo
I think the online account is a great idea. The CD might be a better choice for your money.
The APYs of online savings accounts vs online CDs are pretty similar, though
I recommend money market accounts
Why pay a penalty to take back your money? I have my 6 month EF in a capital one savings.
I rapidly cut our budget it took awhile to get a lower fixed monthly expenses. I always thought my expenses were the lowest they could be. Some things I did were lower our cell phone plan (paying off current device and switched to Sprint Kickstarted Unlimited $35 EA) , switching auto and home insurance, Internet (stopped paying for the modem and turned in 1 cable box monthly), making sure I had the best rate on each service I have to pay for. I increased my income getting a second job using my cosmetologist license, and working my side business.
Hi Joseph and Tasha thank you for the video. Could you do a video on savings goals for college students/grad goals?
Could you do a tutorial video on laddering your CDs please
Hi! I really like your videos and they have become very helpful in trying to understand how finances work in the US, you’d be surprise how different they are from other countries. In a few months I will be moving to the US, and I am really struggling to understand the banking system. Could you make a basic video explaining the differences between a bank, what is a CD (I thought that was for music) what is a credit union, etc. I live in Spain, so I never thought of worrying about my retirement because I am supposed to receive a pension when I retire at 65. Neither have I ever tried to worry about health insurance or thinking about a big emergency fund (since I work for a public institution here, if something bad like an accident happened to me or I lose my job, I would still have an income - there is a percentage of my salary that goes to social security, and it takes care of that). Sorry for the long comment. I am simply clueless of the financial responsibilities one must asume in the US. Where do I even begin?
Do you recommend a large emergency fund if you’re trying to pay off debt?
Wishing i watched this before the corona virus pandemic!
Love tasha's blouse...where is it from?
I had an emergency with my car and pets and used all my emergency fund, now that savings account has like less than 5 dlls, now I have to build it again -__- I have to pay some debt this month but I'll start to save starting the year.
Hi both, you are awesome :) I love watching your videos and Tasha, you are simply a professional, you make me feel safe and I find you so easy to trust! And someone finally answered how much I need to save up! But question, I am saving for say car fund or new PC fund. Would these not be part of my emergency savings?
No, those are not part of your emergency fund.
I wanted to stash my emergency fund in my credit union but instead I looked for the online bank with the highest saving account interest rate and stashed it there. At the time that was Ally Bank.
Hi! I'm new to your channel and really enjoying it. Question though, what's a CD? You spoke about CD bank accounts. Is this an American thing? I live in New Zealand so not sure if we have them
Welcome Lucy.. an outside observer that likes to help.. A CD is a Certificate of Deposit that you get when you place money into an institution for a specific period of time..typically the longer you "deposit for" the better the interest rate it bears..The are conditions too.. like Early Withdrawal... typically not more than a years worth of interest..Some institutions won't allow "early withdrawals" but there are institutions that will allow for "add-ons" that can be competitive with Money Markets rates for savings..The overall benefits are that the money in the CDs won't lose value if insured by the government insurance programs.. I hope this helps
Hi enjoy your videos. I'm getting social security. But I'm still working because I can't live off of it. Do I still need a. Big emergency fund?
As federal employee what do you recommend?
I love the idea of having x12 cds, so that one comes up every month! Why did I never think of that? I've done 3, 6, and 12 month cds, but this never actually occurred to me! Heading to my bank's website now.....
I just finished saving my first 3 months and I have it in cash in my sock drawer..is it easy to get your money out if a CD if I put it there with everything the way it is right now?
Corey Fatafehi-Falo This is a good question.. for me once I get to six months of savings I want to do the same.. I need to look into CDs
Synchrony bank... It's online but has great interest rates compared to others
Loved your tips! I got to the 6 month mark for my emergency fund a couple of months ago. I just started using the rotating CD strategy, with the rest sitting in a high-yield online savings account in the meanwhile. Gotta try to keep up with inflation! -Akeiva
The Bemused: Making Sense of Money 💰 If you please don’t mind sharing..what is the rotating CD strategy? 🙏🏾
How do you build a emergency fund on a fixed income. O receive social security benefits
Notification Gang !
I'm halfway to my year's emergency fund.
My goal for jan 20 20 starting my emergency funds
Toward the end something rarely covered is how to keep your EF..I like a CD Ladder better than a typical savings account,.. a 60 step ladder(5 year) that you make monthly contributions towards..Its easier to open a $100 CD than it is to open a $500.. or for that matter a 1K..Emergencies come in ALL sizes and you will be happier liquidating a couple $100s better than liquidating the 1K..Once you have that 60 moths covered then double up to make CDs more attractive to the institutions than the piddly minimums.
No at some point a CD isn't the best option simply because it won't keep up with inflation.. Thats when stocks and bonds come in... but for those starting a EF.. I highly recommend a CD Ladder
I need to save a emergency fund, as I plan on quitting my job and enrolling in community college.
So it’s 2021. How much money is in your emt fund?
12 month CD ladder; mind blown.
Hello, is there a limit to how many CD one can own?
I know this is late but no there isn't.
Can you make a video that talks more about how you use CDs for your emergency fund?
👋 Hello. My husband and I have an emergency fund. What bothers me is that some extended family think we are their emergency fund. Would you mind sharing your thoughts on money and family/friends?
Set boundaries and say no.
Remember that ‘No’ is a complete sentence.
💓💓💓
What is a CD,
Marisol Regalado a Certificate of Deposit. You purchase one for a certain amount of money for a certain length/amount of time at a particular interest rate. Hope it helps.
Don't put your e-fund into CDs. CDs provide higher interest rates, but it's not suitable for an emergency. Get a Money Market Savings account instead
Hey y’all.
I can only save 100 a month it’s Crazy I have no wiggle room at all paying off debt and savings when I can
100 is better than nothing. Keep it up xx
Using CDs is an interesting idea, BUT BE CAREFUL with CDs. They are not liquid funds, which makes them less ideal as emergency funds!! There can be penalties for early withdraws if your emergency fund is needed before the CD matures. Such penalties could negate any savings benefits. At the time of this posting, there are plenty of other high yield savings accounts out there that can keep your $ more accessible for emergencies. Some HYS have the same or better interest rates as short term CDs. Shop around.
They've said in past videos that they have several CDs where one matures each month.
I will need one year which is the bare basics of 25K. I am half way there
Great video I just subscripted.i have a emergency fund 😊
When you work 50 hours a week and 80% of expense is household and essentials. :((
E*TRADE savings account pays a yield of 1.7%
Marcus Savings by Goldman Sachs has an APY of 2.5%
My Emergency Account is just over $29,000; all other monies are locked in investments. Yet for some reason, I still feel poor. 🤷🏽♂️
Josephine Bournes :::: I do have literally tens-of-thousands in a Vanguard stock portfolio account, a Roth IRA, a 401K, and in a separate credit union account that has CD’s. My immediate colleagues are just doing so much better than me. I feel as if I’m lagging.
Josephine Bournes :::: Noted...📝 Thanks JB.