Where Should You Keep An Emergency Fund?
The first major step on the Family Finance Road Map to free yourself from credit cards and adding to your debt is to build an Emergency Fund. But where to keep that emergency fund is this week’s follower Ask Me Anything topic.
Every day, I get lots of great questions from followers across social media, in the Family Finance Moms closed Facebook group, via DMs on Instagram, and submitted to my Contact Me page. Some of these are questions I get in varying forms frequently and are worth sharing as a reply to help everyone. Each week, in the Ask Me Anything series, I’ll be sharing an actual question, straight from one of you, and a fully researched and detailed reply.
This week’s question comes from one of my Instagram followers and is about where to keep an emergency fund.
Can I use a short-term CD for growing my emergency fund?
[…] broken into various demographic categories. Use it as a guide, not a rule – as the average family in the US also can’t afford a $400 unexpected expense either… and as you’ll see, the average single-parent household actually falls further into debt […]
[…] us, and in the meantime preserve your financial flexibility to whether the cycle. Shore up your emergency fund, and keep living within your means and investing for the […]
Great piece! This was our thought process for our emergency fund, and it is good to validate it!
Thanks Krista!
[…] also have opened a savings account to set aside money you don’t want to spend right away, to build an emergency fund or set up sinking funds for things you want to save for […]
[…] Related Post: Where to Keep An Emergency Fund? […]