In this episode of Mindful Money, we dive into the importance of building an emergency fund as the foundation of a successful financial plan. The purpose of an emergency fund is to cover unexpected expenses and provide peace of mind. We’ll discuss guidelines on how much to save based on different life stages, from young adults to retirees, and explore practical steps for calculating and building your emergency savings. An emergency fund is a crucial safety net to protect against financial setbacks and ensure long-term financial stability.
In this episode:
- (00:00) – Intro
- (01:07) – Building your emergency fund
- (02:11) – What is an Emergency Fund?
- (03:14) – How much should you save?
- (04:51) – Emergency fund by life stages
- (08:23) – Calculating your minimum emergency fund
- (09:25) – When to use your emergency fund
Get full show notes and links at https://mindful.money.
Watch the episode on YouTube: https://www.youtube.com/@MindfulMoney.
