Set Your Goal
Use this simple phrase to help you set a goal for establishing your own emergency fund:
I want to have $
in an emergency fund by [Date]. I will aim to save $ each (paycheck, week, month, etc.) to reach my goal.
Track your own goals using the SMART Goals Worksheet
What will it take to create your emergency fund? You know enough about how to create an emergency fund, when to use it and how to replenish it. Now it’s time to put this knowledge into action.
- List your goals for establishing and maintaining an emergency fund (e.g., how much will you aim to save each week, each month?).
- Make a plan for how often you will check in with your goals, such as deciding to check your savings progress each time you get paid or at the beginning or end of each month.
- Find a secure way to keep your emergency fund, remembering that it needs to be easily accessible and not tied up in a way that there will be penalties if you need to withdraw it (such as some investment accounts that are intended for longer-term retirement savings).
- Explain your goals to someone else who can help you keep on track. As you check in with your goals, check in with that person as well. If you haven’t met your goals yet, explain why. If you have met them, have that person help you celebrate.
- Consider using savings apps or joining a group like America Saves to become part of a saving community.
- Start saving!