286. Emergency funds 101: how much you need and where to keep it (part 1)
About this episode
The episode discusses the essentials of emergency funds, including what qualifies as an emergency, how much to save, and where to keep the funds.
Emergency funds might not be the most thrilling topic in personal finance, but they're the foundation everything else sits on. In this first of two back-to-back episodes, Tash and Ana cover the 101: what actually counts as an emergency, how much you need, and where to keep it. Whether you're starting with your first $1,000 or wondering if your buffer is big enough, this is the place to start. (Already sorted? The part 2 drops on Thursday.) In this episode we'll discuss: 💸 What counts as an emergency (job loss, car repairs, vet bills, last-minute flights home) and what definitely doesn't (Christmas comes every year — plan for it) 💸 The maths of skipping the buffer: why a $3,000 car repair on a 20% credit card can undo an investment returning 7%, and how bad expenses love arriving all at once 💸 How to calculate your number: add up essential monthly expenses and multiply by three to six — a worked example where $3,500 a month means a fund of $10,500 to $21,000 💸 When to lean towards three months (stable job, no dependents, family to fall back on) versus six or more (sole income earner, self-employed with lumpy income, kids, or planned parental leave) 💸 Where to keep it: high…
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