Money Monday – Emergency Fund


Happy Monday Everyone!

To kick off Money Monday we are going to talk about an Emergency Fund.

Think of an Emergency Fund as a life preserver. It is that little bit of cushion that you put between you and life’s craptastic moments. Things like a job loss, a sudden trip to the hospital, unexpected car repairs etc. An Emergency Fund is that rainy day fund your grandparents and parents tell you about as a kid. It is a key factor in building wealth and keeping it.

Ladies, this is one you should bookmark. It is not uncommon for a women to use the word terror when describing their experience with financial hardships. No one wants or should live with that type of fear in life. My advise is to build yourself a little nest egg no matter if you are married or single. Keep in mind I am not saying that you should hide it from your spouse.  I am saying there is nothing wrong with you being the one to provide some of your own security. Instead of buying that new dress or pair of shoes maybe you tuck that money back until you have a cushion that feels right for you. No shoes, purses, dresses or trips with ever compare to how it feels to be financially at ease.

Here are the few things you need to know about your fund.

– It needs to be at least 3-6 months of your expenses.

– It should only be used in the time of an emergency. New shoes, that smoking deal on whatever, and gifts that you feel guilty not buying do not belong in this category.

– It should be accessible but not to easily accessible. A savings account that is not connected to your checking account or money market savings are a few options. Just make sure that you can’t access it on one of those impulsive buyers high moments.

– Halt all shopping, non essential purchases and outings etc. Put in some over time or get a second job if you need to but get intense about building this fund. I mean Mach 5 with your hair on fire intense.

– Tell your kids about your goal and track your progress together. Celebrate each addition so that they can see this as part of a healthy financial lifestyle. Children need financial guidance so that when they are on their own they can not only survive but thrive.

– Get an accountability partner. For singles this could be a trusted mentor or friend, and for married couples it should be your spouse. You need someone who is honest with you and has your best interest at heart. I can’t stress this enough, having a unified financial front with your spouse will greatly increase the happiness and strength of your marriage. I am going to say it again. A unified financial front with your spouse will greatly increase the happiness and strength of your marriage. For you single ladies keep in mind that having your financial life together is a very attractive quality to worthwhile bachelors. It shows them that you can be responsible and don’t have misplaced expectations of a partnership.

I hope you enjoyed this weeks Money Monday and I am always here to answer any questions you may have. Contact me at or leave a comment below.

-Michelle 🙂


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