pennyvaults

Safety Net checklist

16 steps to an emergency fund that's there when you need it.

Track your progress with a free accountGet the free Emergency Fund Planner

Know your number

An evening with your bank statements.

  • List your essential monthly expenses Guide
  • Work out your target with the calculator Guide
  • Pick a starter goal: $500, $1,000 or one month Guide
  • Decide your order with any high-interest debt Guide

Build it

Make saving automatic.

  • Open a separate, insured savings account Guide
  • Set an automatic transfer for payday Guide
  • Find one bill or subscription to cut Guide
  • Decide now what you'll do with your next windfall Guide

Keep it safe

Safe, reachable, earning a little.

  • Compare your rate with high-yield options Guide
  • Confirm your bank or credit union is insured Guide
  • Decide if any part belongs in a CD or money market Guide
  • Keep a little cash at home for outages Guide

Use and refill

Rules decided in advance.

  • Write down what counts as an emergency Guide
  • Save for yearly bills separately Guide
  • Have a plan to refill after you use it Guide
  • Grow your fund to three to six months Guide