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What is the importance of having an emergency fund?
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This podcast contains general financial advice only. That means it's not specific to you, your needs, goals or objectives. So don't act on the information until you've spoken with your financial advisor. You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes.
Oh, and what are you going to do when your financial shit hits the fan?
Well, Kate, I'm prepared because I have an emergency fund, which is what this episode is all about.
Yes. Making sure you have money put aside that when all of that shit stuff in your life starts to happen, maybe you run your car into the side of the road, you need to see a sick family member, you're sick yourself, you're having a divorce, whatever happens, you've got some money so you don't have to go into debt to deal with these financial curveballs and you don't have to sell some of your investments, which we'll talk about later in this series.
So this is about not being fragile with your money. So having that big buffer in place that protects you and what it does, Kate, is it gives you peace of mind.
Yes, it's that sleep at night factor. So you can live your life, you can make decisions, you can invest without having to worry about not having a bit of money put aside for when things go wrong. And in life, they inevitably do at some point. And sometimes they go all wrong all at once. And so having that money put aside, we'll talk about how much you need in this episode, where to put it, how to save up for it, even what to call that bank account. Yeah. And how to actually use it and replenish it because that emergency fund, it's just like break glass in case of emergency. You have that money aside and this is going to stand you in good stead your whole life. Like once you get used to this, you might change it.
You might have more or less depending on what your life circumstances, like if you've got kids, it starts to change, but always having this buffer in case of emergency. And I think that If you get this foundation in place, then it makes everything else we talk about, buying a house, investing for the first time, changing careers, going overseas, it just makes everything so much easier.
Absolutely. This episode, we're going to talk about what the emergency fund is, where to put it, what to spend it on, what not to spend it on, why it's so important, how we do it, so on and so forth. It's a bit of a quick, concise episode, but we don't let the duration of this episode trick you. This is perhaps the most important part of your budgeting and money strategy of all. So Kate, first of all, what on earth is the emergency fund?
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Sounds like good money advice... But is it?