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Saving for an Emergency Fund

July 2, 2019

Video Transcript

Hello, and welcome to Legal Tip Tuesday. I’m Vince Quatrini, and today I wanted to talk to you about a life tip that integrates with our legal tips here at QuatriniRafferty. I have been representing injured workers, men and women, my entire career. And what I’ve found is that when that sudden unexpected event occurs, that puts you out of work, you’re not ready for it, emotionally or financially.

So, what I thought I’d share with you are some concepts of what to do to prepare, at least financially, for a time when you’re not going to have no income. A rainy-day fund, otherwise called and emergency fund. Some steps to follow. One, set a goal. Pick a number, a dollar number, that you feel you need to set aside and then work on it on a regular basis. Use your payroll account to automatically deduct it, so you never see it. Two, the goal is to put away three to six months of your expenses. Your mortgage and your rent, or rent, your car payment, and your utilities and groceries. So, if you have an emergency fund that you’ve put away six months, you’re going to be in good shape if something unexpected befalls you. Three, keep that money immediately available. Don’t put it into some account you can’t take it out of when you need it right away.

So that you can use it when you need it. Four, join a credit union, they have great accounts for something like this. You may already have a Christmas account, or a vacation account, create an emergency fund account. Finally, remember why you setup this account. For the unexpected, for the emergency when you’re out of work and out of a paycheck, for whatever reason, for a long time. It’s not your vacation fund, it’s not when you decide to buy a new couch. This is for that time when you will have to worry about “where am I going to get money to pay to pay my mortgage?” I hope these ideas, these concepts, will give you more piece of mind and more security as you go forward in life. Thank you for watching Legal Tip Tuesday, have a great day.