How to Set Emergency Fund Goals
When you decide that you are ready to start your emergency fund, it helps to set goals to keep track of your progress. Start with reasonable goals that are achievable. There is no point in setting goals that you know you’ll never reach. On the other hand, you want your goals to be challenging enough that you feel a sense of accomplishment when you reach them.
Think of your goals as progressive levels – just as in a game; once you achieve success at one level, you progress on to the next level. You will find that as you start to reach your goals, the process actually gets easier, not harder, and you might even start to enjoy the challenge of trimming excess spending and watching your savings grow.
Use the SMART Goals Worksheet to start setting your emergency fund goals.