#40 Your emergency fund is NOT for emergencies. OK, then what is it for?

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Your emergency fund is not for emergencies! That's right. You heard me. Your emergency fund is not for emergencies.

First things first, let's get everyone up to speed on what an emergency fund is. Then we'll get to what the best use of an emergency fund is.

An emergency fund is 3-6 months living expenses set aside in an easy access account which is not your current account (you might be tempted to spend it!) so that you have some money ready for any of life's emergencies that will inevitably come up.

Common emergencies that people site are a new boiler, car repairs or maybe you lose your job and you need to pay your mortgage or rent and bills and buy food whilst you get yourself back on your feet.

These are all great reasons for having an EF. It's much better than not having one but there's a better use for it.

That's what I'm here to propose in today's episode. If you are feeling stuck in a situation you can't change then listen up to today's episode!

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