An emergency fund is money set aside in a savings account that you can use during an emergency

An emergency fund is money set aside in a savings account that you can use during an emergency. Examples of an emergency: job loss, car breaks down, furnace goes out, medical emergency, the house floods, your phone breaks. Your emergency fund should cover the basics. The basics include rent or mortgage payment, food, utilities, and anything car-related such as gas or your car insurance premium. Utilities includes electricity, gas, trash, and water. I'd also include internet and your cell phone plan. If you still have debt... aim for an emergency fund equal to 2-3 months of basic living expenses. Once you're debt free... aim for an emergency fund equal to 6 months of basic living expenses or more. You always start with funding the emergency fund first. How much do you have built up in your EF? Tell us in the comments! #moneytok #personalfinance #debtfree #savemoney #moneytips #debtfreejourney #debtfreecommunity