Emergency fund builder
An Emergency fundMoney set aside only for surprises, like a car repair or a medical bill, so you don't have to borrow.More in the glossary is money you set aside for surprises, like a $400 car repair. Having it means you don't have to borrow when something goes wrong.
Start with a small goal: $500. Once you reach it, keep going until you have enough to cover one month of expenses.
Your results
Starter fund
$500
about 4 months to go
$100 of $500 saved (20%)
One month of expenses
$1,800
about 1 year and 4 months to go
$100 of $1,800 saved (5%)
What this means
- Setting aside $25 every week gets you to $500 in about 4 months.
- To reach one month of expenses ($1,800), it takes about 1 year and 4 months in total.
- Keep this money in a separate savings account, so it's not easy to spend by accident. Some employers can split your direct deposit for you.
We didn't count interest. A savings account that pays interest could get you there a little faster.
Where to get free help
- 211
Call or text 2-1-1 for free, private help finding local programs for rent, utilities, food, and other bills.