An emergency fund for a family

With kids, surprises are guaranteed: a broken phone, a car repair, an urgent care visit. An emergency fund turns them into an inconvenience instead of a crisis.

Start small

1. Set a first goal, such as $500 or $1,000
2. Automate a small transfer every payday
3. Add windfalls: part of a tax refund, a bonus or gift money
4. Then build toward a few months of essential expenses

Keep it separate

• A savings account apart from everyday checking
• Easy to reach in a day or two, but not on your debit card
• Look for no fees and a competitive interest rate

What counts

Job loss, urgent medical or car costs, and essential home repairs. Planned costs like birthdays belong in sinking funds.

General educational information, not financial advice. Your Money Stretcher isn't paid by any bank, lender or company mentioned here.