Who hasn’t been caught off guard by an unexpected expense: a flat tire, a leaky roof, a broken appliance, or much worse? For many, the short-term answer is a credit card. However, having an emergency fund is ideal. Six in 10 US adults are uncomfortable with their level of emergency savings, and 1 in 4 Americans have no emergency savings at all, according to Bankrate’s 2024 Emergency Savings Report. So, how can you start preparing for unexpected expenses?
In this week’s episode of Money Glow Up, host Tiffany Aliche speaks to Tanya Taylor, a financial coach and CPA, about how to build an emergency fund even if you’re already on a tight budget. Emergency funds typically consist of three to six months of your expenses. However, Taylor said, “go beyond six months” and save for up to one year of your expenses. If you’re looking for ways to free up money to build an emergency fund faster, Taylor recommends canceling unused subscriptions and increasing your cash flow. “Get you a little side hustle, and do that to generate some income so that you can start building your emergency fund,” Taylor said.
Together with Yahoo Finance, Tiffany Alice creates a space to share real and inspiring money stories, learn financial fundamentals, and build your future. Step into the classroom with Money Glow Up every Thursday at 12pm ET with Tiffany Aliche—aka The Budgetnista—to jump-start your financial journey.
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