Word of the Week:
Emergency Fund

Definition: An emergency fund is your stash of just-in-case money. This fund is the money you could fall back on if you were to lose your job, your car broke down, you had to go to the ER, etc.

Key Takeaway: An emergency fund is a savings fund for emergency expenses.

Challenge: Try to save 3 to 6 months of living expenses in your emergency fund.

If you are living in the dorm, and responsible for your own expenses, that means 3 to 6 months of cell phone -, steaming - and any other bills you may have.

Fun Fact: The most common reason people give for using their emergency fund is to pay for their home repairs, followed by car repairs.