Needing new tires is not an emergency. Nor is a new roof, that replacement hockey stick or a vacation. An emergency is a loss of income due to illness, layoff, or death. Stash the equivalent of six months’ worth of essential expenses for an emergency. Without an emergency fund, you’ll blow through your savings; you may even have to liquidate investments at a most inopportune time.Jordan and I have definitely used our Emergency Fund for things that weren't included in this list...but not for home improvement, or a hockey stick. We did use it when we had a tire punctured b/c we weren't planning on purchasing them yet, and we have used it for travel expenses for family emergencies (family in hospital)...do you think those things count?
So...is what we have gonna cut it? Not so much...but this activity was just about creating the fund, not about reaching the goal so I'll check this one as complete.
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