Getting Started on Your Emergency Fund

Getting Started

In FPU, we suggest a starter emergency fund of $1000 and want you to get this in place within a month. You can work overtime, sell things on CriagsList or have a garage sale, to generate cash.

After getting out of debt you then work hard to get the fully funded emergency fund in place.

Why You Need an Emergency Fund

Why You Need An Emergency Fund

It was 2:20 in the morning, and I awoke to a hissing sound. I went to investigate and found 300 gallons of water had leaked from a failed connection under the sink in the kitchen. Water had saturated everything in the kitchen and the basement of our home. We had insurance but our portion of the repair was over $30,000. We did not have an adequate emergency fund so the most of this repair was incorporated into a refinance of our mortgage, which was a major set back to getting our mortgage paid off.

Whether you are living in a rural or urban setting you need an emergency fund