Life happens, but you can be prepared for the unexpected with an emergency savings fund. These funds are designed to be set aside for unanticipated expenses, such as:

• Unexpected job loss
• Unforeseen medical expenses
• Car repair
• Family emergencies

Emergency funds serve as an important financial buffer in the event of an emergency, and it’s easy to get started with this savings task. In this month’s financial checklist, we’re going to focus on tasks that will help you build an emergency savings fund.

 June Financial Checklist: Emergency Savings

1. Determine how much you want to put away
2. Pick where to save your emergency fund
3. Set up automatic contributions
4. Pad your emergency fund
5. Review and adjust your contributions monthly

Let’s look at ways you can boost your savings, build your emergency fund, and keep your finances on track as we enter the second half of the year.

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1. Determine how much you want to put away

Set a goal savings amount that is moderately challenging but attainable.

• Less aggressive: 3 months of living expenses
• More aggressive: 6 months of living expenses

Example: If you make $3,200 per month after taxes, you’ll want to have $9,600 to $19,200 in your emergency fund.

2. Pick where to save your emergency fund

Consider emergency savings as untouchable for expenses that are just wants – keep this money here for when you really need it.

To help resist the temptation of spending these savings, put your emergency fund in the right place:

• High-yield savings account
• Money market account
• Certificate of Deposit (CD)
• Roth IRA

Sometimes there’s not a one-size fits all solution. Consider putting emergency funds away in more than one of the above options. 

3. Set Up Automatic Contributions

• Funnel some of your paycheck directly into your emergency fund
• Start with a small percentage, and be sure you can still live comfortably
• Make contributions more aggressive over time if possible

4. Pad your emergency savings

• Sell old things you no longer use
• Funnel “surprise” cash into your savings
• Save your tax refund
• Try a no-spending challenge
• Take on a side hustle

5. Review and adjust your contributions monthly

• Check in each month to see how much you’re putting away
• Adjust your contributions if your account isn’t building quickly enough

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How to Invest Your First $1,000 :: Mint.com/blog

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Key Takeaways

Prefer to organize online? Create an editable copy of our June monthly template in three simple steps:

1. Open our Calendar Template in Google Sheets
2. Select “File”, then “Make a Copy”
3. Save in your own Google Drive to make edits

Our finance tips can help you throughout the year so be sure to take a look! Improve your finances in 2020 with our series of financial to-do lists tailored to each calendar month.