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Tips For Saving For an Emergency Fund

Savvy Confessions: How Do I Build an Emergency Fund?

This anonymous poster in our Savvy Confessions group wants help on building an emergency fund. Chime in with your thoughts below.

I just graduated college and have started at my first job. I am really lucky and I love the job. I make decent money and wanted to start some budgeting before I start blowing every paycheck like I see all of my friends are doing. I am torn between paying more toward my student loan and small car payment or build an emergency fund. With the economy in the state it is in I want to try to prepare for anything. I don't want to rely on my parents since I am out on my own. So how should I start to save a little each month and pay a little more on my loan and car? Or pay the minimum on each and save up an emergency fund faster? And any tips about where I should keep the money for an emergency fund, I know myself and I might be tempted to spend it if it is just in my checking.

Share your own career- and finance-related questions anonymously in the Savvy Confessions group for a chance to be featured on SavvySugar and advised by fellow Savvy readers.

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Karlin-Meehan Karlin-Meehan 5 years
I just started doing this.... for each paycheck, put 10 percent away into an "emgergency fund"... within a few months you will see the pay-off.... I'd put it into an account where you can't touch the money... think of it as a 41k ...the money can not used for shopping but an unexpected expense... you will be thankful you did this now then later...
VanessaJ VanessaJ 5 years
I am in the same situation as you are. I'm a recent college grad & was fortunate enough to land a decent paying job in my degree field. Building the emergency fund is tough once you have to start paying back the student loans, so I'd try to get a head start before those bills come due. If you can put aside about $85 a paycheck, that will get you to $1,020 in a year (obviously, if you can do more it would get you there quicker). It just depends on what you can swing. Building it into your monthly budget is helpful, that way it is not an option to hang on to it. If you haven't already sat down to do a monthly budget, definitely do that, and try to anticipate what kind of effect your student loan bills will have on the way your money will be spent in 6 months. Six months will be over before you know it & those student loans are no joke. Good luck!
tyoungster tyoungster 5 years
Building my emergency fund definitely helped me pay off other things in the long run, because when your car breaks down, you can just take the cash from that fund and apply it and not worry about paying your other bills. I would pay the minimum on everything else until you have about $1,000 built up and then switch over to paying off your bills one at a time.
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