My Financial Mountain Series: Savings - My Emergency Fund | Julio Lara | Skillshare

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My Financial Mountain Series: Savings - My Emergency Fund

teacher avatar Julio Lara, Simple Steps to a Solid Foundation

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Taught by industry leaders & working professionals
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Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

15 Lessons (40m)
    • 1. My Financial Mountain: Saving - Introduction

    • 2. My Financial Mountain: Saving - Emergency Fund

    • 3. My Financial Mountain: Saving - EFund

    • 4. My Financial Mountain: Savings - E Fund

    • 5. My Financial Mountain: Strategy

    • 6. My Financial Mountain: Saving CD Ladder

    • 7. My Financial Mountain: 52 Week Challenge

    • 8. My Financial Mountain: 365 Day Challenge

    • 9. My Financial Mountain: Saving 12 Week Challenge

    • 10. My Financial Mountain

    • 11. My Financial Mountain: Saving EFund Lite

    • 12. My Financial Mountain: Saving EFund Tips

    • 13. My Financial Mountain: Saving EFund Summary

    • 14. My Financial Mountain: Saving Project

    • 15. My Financial Mountain: Thank You

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About This Class

This course should be a crucial step in your personal finances.... 

The course will guide you on working on Saving. More specifically on your emergency fund. If you have financial difficulties, if you want to know more about your personal finances, if you want a method to follow and reach financial stability... this course is for you.

It is a very simple course but very powerful.  By creating an emergency fund plant you will be able to get more focus, direction, inspiration and motivation on the financial journey.  You will be able to prevent a lot of financial difficulties and disasters.

Who is the course for?

The course is designed for anyone that wants to learn more about their finances.  It is general enough so that anyone can jump right in and it is simple enough that there are no prerequisites.

The course IS NOT:

The course is not designed to make you a financial wizard.

The course does not go into great details on methods and application.

Do not expect that the course will answer all or even most of your financial concerns. 

The purpose of the course is to help you understand and identify ways to create an emergency fund.  More importantly the goal is for it to help you understand the concept so that you can apply and prevent financial disasters.

Join us..... Enroll Now!

Meet Your Teacher

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Julio Lara

Simple Steps to a Solid Foundation


My main goal is to help others become better. Better in their personal lives, in their businesses and in their finances. I love to learn and I learn the most when I help others by teaching and learning from them as well. I am always looking for an opportunity to learn and to help others reach their goals. I hope that I am able to help you by motivating you, inspire you or that you help me in the same way.

"Some people come in your life as blessings. Some come in your life as lessons." Mother Teresa

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1. My Financial Mountain: Saving - Introduction: Hello and welcome to my financial mountain, Siri's. This class will focus on the third stage off the mountain saving and specifically on creating an understanding an emergency fund. My name is Julia Lad, and I'll be your guide or instructor on this course. So what is this course all about? The course tries to go in detail one of the main steps on our financial journey. The course is designed to help you solidify your finances by helping you understand savings , but more specifically, what is and how to create an emergency fund. The goal is to have you understand how savings is important and how an emergency fund is crucial for your financial journey. So there are three main questions that I'm gonna try to answer through. This course first is what is an emergency fund to is why have an emergency fund and three or some strategies to help you fund that emergency fund? So the courses designed for anyone looking for financial stability you could be a novice. You could be an expert in finance, and chances are that you will get something out of this course, So let's not wait any longer and less jumping 2. My Financial Mountain: Saving - Emergency Fund: Okay, so let's talk about savings. They start by the finding what savings are as well. That's what are emergency funds or for short e funds. Wikipedia has a very simple definition for savings states. Their savings is income, not spend or deferred consumption. It is simple money that you do not spend or consumed. That's a very simple definition of it, basically money that you do not spend or concern. So then, what is an emergency fund or an e fund, as some people refer to it? Well invested media defines an emergency fund as an account that is used to set aside funds to be used in an emergency. Hence emergency fund, such as loss of a job, an illness or major expense. And then, if we go to about dot com, they define an emergency fund or an emergency as an account that is earmarked for spending on urgent, unplanned situations on Lee. And that is a key, urgent, unplanned. So, based on the above definitions, it is safe to say that an emergency fund is an account that you set up separate from your other accounts, but with the main purpose of helping you get out of financial, tight spot or financial emergency so many times. A problem that we encounter is that we define financial emergencies differently. A financial emergency for you might be different than a financial emergency. For me, it will depend on your current financial situation, your needs and even in your background or your upbringings. So therefore, it is very important that I say family. As a group, you establish what will be consider a financial emergency. This way, you will not use the account or funds for a really non emergency events. So that would be your first step is to define what a truly financial emergency would be for you and your family. Remember, an emergency is something that is urgent, unplanned situation that you really couldn't anticipate. 3. My Financial Mountain: Saving - EFund: So just to go back over what it's an emergency because that is the key off the actual emergency fund. What truly defines an emergency is the sense of urgency. It's something that happened, so you cannot expect or anticipate something you couldn't really plan for. Now, that doesn't mean that you just just because you do not plan for something, it becomes an emergency. There are things that we should anticipate and including our budgets, such as car maintenance, house repairs, clothing and such. So those trillion that emergencies but true emergencies air those that are really sudden, like losing your job. Major repairs like your car breaking down medical expenses, illness not your routine exams, but an actual illness or emergency that is sudden and others. So again, the key is it has to be certain or something you really didn't plan or anticipate 4. My Financial Mountain: Savings - E Fund: One of the biggest questions that surfaces or that people usually have when they're thinking about emergency funds is where should I put my money? Should I invest in the stock market? Put the money in certificate of deposits, also known as CDs. So I put the money in bonds for put it in precious metals, so they put it at home just in my mattress. So there's so many different options for you to see our for you to put your emergency fund . Or you might be wondering which one is the right one for me. So let me give you a couple of strategies to consider and some key points to think about when stashing your emergency fund. Remember that the key to an emergency funds for it to be liquid on by liquid. What we mean is that it needs to be available to you whenever you actually need it for an emergency. So if you put your money away, we save it in a place where you do not have access to it for months or year. Because of the contractors, such it's not really liquid is not really available for you for that emergency, so that wouldn't be an ideal location. So at the same time, you might be wondering, or you might wanna want You might want to invest in something so that you don't actually lose money because off purchasing power or inflation now inflation is general is just the fact that generally prices will increase and that actually creative fall in your purchasing power. In other words, you have a dollar today. That dollar will buy you more today. Then that same dollar will buy you 10 years from now. And that is because of inflation. Things continue to go up in price is. So If I could buy a gallon of gas today for a dollar, I bet you that in 10 years I would not be able to buy a gallon of gas for that same dollar . And that's what inflation is all about. So your goal with an emergency fund should be to put it in a place where it's highly liquid . In other words, he could have access to it quickly that it has a low value of fluctuation, meaning that you will not be losing your money. Um, if you save it because obviously the purpose of you have an emergency funds for that money to be available to you, for you not to lose the value of it. So here are a few options on the pros and cons, so that you could put in for your emergency fund a 12 month certificate of deposit for a 12 month CD. The pros are, it has low value of fluctuation is very unlikely for you to lose your investment. The negative is 12 months could be a long time for you to have your money inaccessible or locked up, especially for an emergency fund. If you need the money before your maturity date or before the time that the 12 months CD it's it's up or is completed, then your your bank might be charging you penalties for accessing the money early. Then you have stock market, so a stock market. It's a good option in the sense that you could increase your the value of your money, but at the same time, and it's also very liquid. You have access to your money very quickly, but at the same time it could actually have very high fluctuation value in reference to that money could actually you could actually lose your money in the stock market. So then that may not be the best scenario for Young reference to a emergency fund. And there are others. There's bonds. There's just a plain savings account checking account. There's many, many options for you to have or put your emergency funding. I just wanted to give you two different scenarios just to show you the difference between the actual liquidity. So a 12 months see the might not be too liquid. So if you need your investment or you need your money for the emergency, it might be difficult for you to get access to it and then the stock market, where it is very liquid. You could usually get access to your money very quickly, but you have the risk off actually losing that money in the market itself. If the market fluctuates, so then the question becomes what is a good strategy for me? 5. My Financial Mountain: Strategy: So what strategies should you use? Well, the answer to that is very simple. It's really up to you. It depends, and this is because we all have different levels of risk tolerance. We all have different financial needs, an investment method, education. So for this reason, there is just not a simple strategy or a cookie cutter, as they say, strategy that would work for everyone. The key is to really customize the strategy for your personal needs and for what you feel comfortable with doing, because otherwise you will not stick to it. So the best way to actually handle the emergency fund planning. It's always discussed with your financial advisor and get an idea from your financial advisor before you make some major decisions if you are going to invest. So let me give you an example of some of the strategies that I know that some people are using, and the only reason I'm giving you the strategy so you know what they are and you might consider Always discuss with your financial advisor to see if that's something that would actually go with your financial plans for your future goals. Um, some of the strategies is what's called us to see the ladder strategy, which I was going to be telling them in a few minutes, and then there's also saving challenges and I'll go over those with you in a second as well . 6. My Financial Mountain: Saving CD Ladder: So let's look at a CD or certificate of deposit ladder strategy just so you know what it is . And again, before you jump into anything that has to do with investments, you should always consider discussing with your financial advisor. So a CB ladder strategy. What you do is you by multiple CDs or certificate of deposits, a different time intervals. So, for example, you will buy one for three months, one for six months and one for nine months and one for 12. So you have a three months city, six months city in nine months city and a 12 month city. So there's a three month period in between each one. This way you will be having a CD that matures, or it's expected for you to have access to it without penalties every three months by having it mature every three months. Hopefully, it will be available if you have a true emergency. A certificate of deposit works because you will not have access to that money until that actually, my chores, which will help prevent you from spending that money on things that are not truly emergencies. Also, you get a small interest on the money that you have invested now in today's economy, the interest that you get is really, really, really small on CDs, but it's better than just putting it on your mattress and risking it being stolen or catching fire. Who knows what on it is also liquid, because every three months one of the cities will be maturing. So every three months you have access to that money in case an emergency comes up. So, ideally, you will want to reinvest that certificate of deposit as it matures to take advantage of the latter effect. So in other words, so you have a three month city, a six month city in nine months city and a 12 month city. So every three months, one of them will be maturing, and the gold will be that every three months you continue toe, you know, purchase another three months city so that money will continue to be reinvested unless you have a true emergency, and then at that point you will need to use it. So that's basically the strategy that some people use. That's called a CD ladder strategy, and it's called Ladder because you are pretty much going up intervals So you go 369 and 12 months from CDs and as they mature, just continue to reinvest it. 7. My Financial Mountain: 52 Week Challenge: so not is discussed saving challenges. And I like saving challenges because they are challenging and we're human natures. We all like challenges a well, like to work towards a goal or have a directive. And that's what money talent is due to us now. An emergency fund. It's really a fund that is separated for emergencies. Now you might ask, OK, how much should I have in my emergency fund? In the difference between financial advisors, it's between three months, six months, different between what some recommend versus others. Some financial advisors recommend that you have an emergency fund off 3 to 6 months of your take home pay. Some other ones are saying that you want to go 6 to 9 months. So that's why there's a three month gap in between some financial advisors but in general, anywhere between 3 to 9 months of your income, their take home pay. It's what is recommended to have in your emergency fund. Now I don't know about you, but when I started, it was very difficult for me to have one month were off income, take home pay, never mind 3 to 6 or even nine months, so that's why I like saving challenges because they help you create a quick emergency fund that it's what what I consider an emergency fund light, which is not fully funded. Not the full 369 month with the rink, Um, but it's something to help you stop the cycle off that having an emergency fund. So the quick 52 week money challenge is just that. It's a way for you save over $1000.3 actual number of the $1378 in 52 weeks. And it's done in a way in which you really don't feel that you are being deprived. So the way that it works is you deposit $1 into a savings account or into an account the first week of the year, right or the first week that you start to challenge this second week and you deposit $2 the third week you deposit $3 you continue this process for 52 weeks until idea, and obviously you have deposited $52 not 50 52nd week. So if you add up those 52 weeks starting from week one, when you deposited run dollars with to be deposited $2 with $33 week for $4 so on. So forth until the end. You're 52 weeks. You will have a final balance at the end of the 52 week period off $1378. So that is a pretty simple way for most people to save almost $1400 or 1400 again. You start with Week one and you're weak. One Toby. Next week you start with $1 we to $2 week, $33 you continue adding that every week until week 52. So by the end of the 52nd week, you should have $1378 in that account. So that's not really Avery Difficult way for you to start your emergency fund. Another way of doing a 52 week money challenge is what's called a 52 week reverse talent, and what a reverse challenge does is exactly the same as your 52 week challenge, except that you start from next eight. The end he started with week 52 so your first week you deposit $52 that following week. $51. The week after that. $50 a week after that. 49. And you continue doing that for those 52 weeks towards the end. And then in your last week you would only be depositing $1 your grand total at the end of those 52 weeks. In the reverse talent, it's the same. It's 1378 just like on the original challenge. Now many people like the reverse approach for a couple of reasons. One because it is. Sometimes you find that it's difficult for you to save money around the holidays. So if you start the challenge in January, you're 52nd week or, you know, the 50th week, and such will be in December, around Christmas time or around holidays. So then it will be tougher for you to actually pull out some money for the savings. So if you start at the beginning of the year and you start with the reverse, then by the terms of how these come, you would only be depositing a dollar or two, you know, per week. Also, it makes it easier for you to stick to the plan. If you start strong and then you know towards the end, you pretty much are putting lower amount. So that is your 52 week challenge and you're 52 week reversed talent. I'll go into some other town just just to give you options and give you some ideas of what people are doing to save that emergency fund and just to save in general. 8. My Financial Mountain: 365 Day Challenge: If you're like me, you might say, Well, that's That's a good challenge to 52 week challenge is good, but it takes too long. 52 weeks? Or you might say, Well, I don't have that kind of money. That's why I need help. My finances can't save, you know, $8378 in a year. I need something that I could say, Fleiss, that will be less painful for me because I have way too many deaths. So let me give you another two challenges. One is going to be directed towards timeframe if you have a shorter time period and the other one is going to be directed towards the amount of money that you want to save. So that's what this one is. 365 day money challenge and obviously, as the name says it or states it, it will take 365 days or take a year, just like the 52 week challenge. But you will be saving less the golden. This challenge is for you to save $667.95. So how's us this challenge work well every morning When you start today, you're gonna pay yourself in amount of money that you choose before doing any activity. Now you can set the payment amount anywhere between one cent and 365 cents, which is $3.65. So again, every day you're gonna be paying yourself anywhere between one cent and $3.65 or 365 cents . So that makes it easier, because now you're talking about pennies. You're going from one penny, two pennies, three pennies for pennies up to 365 pennies. So after you make the payment to yourself, you cross out the corresponding box or you cross out the amount on your 365 day money challenge sheet. So just to explain it, you would have a sheet that would stay one all the way up to 365 and each one of those is a payment that you're going to make to yourself during that year. So what you would do is you get up in the morning, you look at your challenge sheet and you say, Well, today I'm able to afford five cents. So you cross out five cents from your sheet and you put five cent in your middle piggy bank or your savings account or wherever you're saving them money. The next day you get up. Say OK, today I have a better day financially, so I'm going to be able to put 365 pennies or $3.65. So you cross that out from your challenge sheet and I'm gonna have examples or a Shannxi on also description off each one of these challenges attached under your project section just so you could get a visual off it. So again, every day you will just put in a month in your piggy bank in your savings account between one cent and 365 cents. The key is that you will not duplicate the amount that you are putting in. So if today a put a penny now, I'm not going to be able to put a penny again until the end of the challenge. So tomorrow could put two pennies and put three paintings that could put five pennies any other amount, except for that penny, because it's already used and you continue that pattern. So every day you put a particular amount, and that amount is only going to be placed in that savings or piggy bank once. So you keep doing this day after day each morning for a whole year. By the time that you were done with this chart, or by the time you're done with your challenge, you will have $667.95 in that account or in that pigment. So what's Morris do? Have the financial habit off paying yourself first, which is great reward and a benefit for you for the rest of your life. And there isn't the recent is because the first thing that you do when you get up, it's you figure out how much you're gonna be putting in your account from your challenge sheet, and then you just deposited so you're paying yourself first again. It's a simple challenge. It's 365 days, and all you're doing is everyday. You're putting an amount between one penny and 365 pennies in an account, and you just can't duplicate the amount that you are using So if today I put five cents and I'm not supposed to use five cents again for that 365 days, I could put four cents. I could put six cents strong has had on Duplicated. I hope that's pretty clear. And again at the end in the project section, I wanna have a sheet that's gonna have the 12 week money challenged 365 They money challenge in the 52 Week One challenge. 9. My Financial Mountain: Saving 12 Week Challenge: Okay, so we've covered a 52 week challenge and a 365 day towns, and you might be thinking, Well, that's way too long. I don't have a year to build my money Financial Emergency fund. So that's why we have a 12 week money talent as well. And the 12 week money challenges is that it's a way for you to get to $1000 in 12 weeks now , obviously, because it's a short period of time. 12 weeks, the amounts of you be saving every week will be higher than on your previous challenges. So the challenge will require you to save $60 or more each week. The first week you start with saving $60 then 75 the second week, 95 on your third week and then at 100 on your fourth week Week number five, you're gonna have safe 65 in 75 then 95 and then 100. So you then save in that same pattern for four more weeks, and you've done so again. It's only 12 weeks, but the amounts that you'll be saving are higher. You're gonna do 60 for the first week 75 2nd 9500 So that's the first month. Your second month you're gonna do 65 75 95 100. So that's two months There are done. That's eight week. Your third month in your last month you're gonna do 65 75 95 100 you would be done with the challenge again. I'm gonna have a sheet attached to your projects at the end where you would have the actual projects or the actual challenges listed in a way that you could actually visualize it, and we'll be simpler for you. But I want to make sure that I explain what each one of them waas so that when you actually get to see the sheet, you will know what it is. And also you have probably heard of these challenges before, and you might have already done them. But I just want to make sure that I given ideas toe. Some of the challenges are out there. There's many, many challenges there many, many different ways for you to save. This is an idea to get your brain flowing as to how to get about building up that emergency fund. So no matter what Challenger matter, you used the keys to stick with. You can try one method one year and another method the next year. A variation of the methods or personalize it, come up with your own. The key to the challenges and the strategies is to make it fund and to help you save. Obviously, these are just a few off the many, many methods and strategies to save, and you should always research them to see which one fits you best. Which one fits your lifestyle on which one fits your sense of urgency. So if you think you're gonna have financial emergency within the next three weeks, a 52 week challenge may not help you as much as a 12 foot challenge and so on and so forth . So can you save more weekly? Maybe the 12 week challenge might work for you. You only have few pennies available. Then maybe the 3 65 challenge might be better for you. Or you want a hybrid a combination, and that's fine. Just remember to personalize it, and the key is continue on the journey. Do not give up 10. My Financial Mountain: So why do we talk so much about an emergency fund? The reason why we talked so much about an emergency funds because usually on our budgets and our finances. The biggest challenge. It's unexpected expenses that have been going to the store and buying a new radio because the old one is an older model. I mean, your furnace is broken or your furnace is gone in the middle of December in the middle of a wonder storm, and you don't have the cash to repair it. That's a true emergency, obviously the second of the two. You know that the deferments versus a car radio or your home radio should be considered an actual emergency, and it will need to be addressed. So what normally happens with these expenses is that we do not budget for him because they are emergency, so we end up charging them or putting it on credit or borrowing fourth. So remember, if you want to get out of that, if you want to get out of the hole, you need to stop digging or you need to stop charging. And that is why an emergency phone is so critical for your financial journey. If you have a good emergency fund, you will be able to withstand a lot of the challenges and surprises that life was gonna throw you. So how do you anticipate or handle emergencies? Well, the best way to put out a fire or handle financial emergency is to have that emergency fund that we have been discussing. Another. You would ask, How can I create an emergency fund? If I can barely pay my credit card bills? I can barely be current with my bills. Well, the best way to create an emergency funds to go back into your budget and in your expenses added line called emergency and set a minimum payment on it. So you treated as a actual bill, and every month he would add Allocator. You will pay or put in an amount to go into the emergency fund to make sure that the amount is consistent. Every month you put in at least the minimum amount. So if you treat your emergency fund as a bill as a credit card, for example, that has a minimum payment every month, you will put in that minimum payment if you have more than you put more, but at least cover that minimum payment. Now you might wonder, what's a good amount to keep in your emergency fund? And that's what I was discussing with you earlier, that most financial advisors were recommended between 3 to 6 months off your take home pay . But some financial advice is now are going beyond that and go in 6 to 9 months of your take home pay. Now I think that if you're struggling to live patron to pay check and you have a lot of that, aiming for 3 to 6 months of an emergency fund could be very daunting, and it might seem impossible at times. Or it might seem unreasonable. So, for this reason is that I normally suggest that you start with a quick, quick excuse me emergency fund or an emergency fund that is slight, and that is usually about $1000 that is just to get you started quickly. And that is why I went through the challenges in which one of them would yield 3 1078 1 of them went yields 667 1 of them would yield 8000 because I figured that if you could get to 1000 quickly, that would help prevent other emergencies from coming up, and it will help you start getting momentum. And then eventually you will get to that 3 to 6 months. Take home pay in your emergency fund, but you need to start somewhere in an emergency fund. Right, which is about $1000 would help you get things rolling. And again, this is if you cannot afford to go and save 3 to 6 months from right now. 11. My Financial Mountain: Saving EFund Lite: So what is an emergency fund like? And again, it's we discuss Prior, an emergency fund itself could be between three to nine months of your take home. And, as you could imagine, if you don't have that, it might take a while before you could actually accumulate that amount of money in your savings. So that's why we recommend an emergency fund light sometimes, which is just a partial emergency fund. So instead of having 3 to 9 months, 3 to 6 months, 6 to 9 months off income take home income. He would have one month, or you would have $1000 whichever is easier for you to get started. The keys for you to get started in the financial process off putting together an emergency fund in case an emergency actually takes place. And what normally it's recommended is that if you have an emergency fund light, which will be one month of take home or 1000 then you start using or generating income, getting money to pay off your that as soon as you can. So that way you start paying interest to somebody else and use that money after you're done with your debt to pay yourself and build your emergency fund and lack fast 12. My Financial Mountain: Saving EFund Tips: case will discuss what an emergency fund is, who discuss when an emergency fund light is, and we'll discuss a couple of challenges saving challenges that could help you get closer to that emergency fund goal. So you might think, What else can I do to quickly build up that emergency fund? And in some pointers, you might use our whenever you get a raise, use that percentage that you just got and put it in your emergency fund. And if you think about that, you were living without that amount before, so you could continue living without it, at least for a little while. So again, if you get a raise, for example, you get a 5% raise. Go ahead and put 5% into your emergency fund a cease until you build your emergency fund. Another option might be you could select the container home or a jar, and you could label it emergency fund, and it will be your pretty much emergency funds are. So every time you have loose change or you have change in your pockets and a purse around your house, grab it and throw it in that container. Continue doing that for a year at the end of the year ahead and deposit that amount into your emergency fund, and you'll be surprised at how much loose change and you would find around for a year. I remember that 365 day challenge where you started with the penny, and you only put the maximum of 365 pennies or $3.65 into a jar, and you were you end up with sick over $600. So imagine if you do the same thing with your calling jar where any loose change you throw in there. That's another way for you to start building up your emergency fund. Also, if you get anyone fall, it wouldn't fall. Is any money that you get that you did not expect if you get inheritance? If you get a bonus if you get a tax return, um, you can use that money towards your emergency fund. Put it in a savings account that is for your emergency fund until at least you have fully funded that emergency for again. 3 to 6 months or 6 to 9 months of your income will be your fully funded emergency plan. But for the meantime, concentrate on getting at least to your emergency fund light that $1000 or one month of take home income, at least to get things rolling for you. So keep in mind that if you do any of these or all of them together, it will help you build your emergency fund a lot faster. So imagine if you could put in your raise money into the emergency fund, your loose change into your emergency fund, and you also do a talent. I mean, it will be very, very fast that you would have that emergency fund light billed as well as you might have to fully funded emergency fund completed. And again, these are just examples. Your very bright, very creative. You come up with your own ideas and you could personalize it and customize Andi. If you're in doubt, you could always ask a financial advisor of years of ways off getting to that emergency fund, having a fully funded 13. My Financial Mountain: Saving EFund Summary: So now the Stratus summarize or retake conclusion. What's an emergency fund? We'll discuss an emergency fund. It's an account that you set up for financial emergencies. We'll discuss that the account only be used for true emergencies. That it is critical that as family, you determine what a financial emergency is for your family because a financial emergency might be different for you than it is for me. We also discloses there many ways for you to start and fund an emergency fund. Now you need to be consistent as well as you need to be creative in a way that actually would work for you and your family if you are having for undergoing financial struggles, instead of funding a full blown emergency fund off 3 to 6 months, or maybe 6 to 9 months, we recommended and you start with a light emergency fund, which would be either $1000 or one month off your take home pay. And then, after you reached your light in the red off financial debt after your death is done, then you continue funding your financial emergency fund onto your reach. Your 3 to 6 or 6 to 9 months fund. Also, please remember that it will take time to reach a full funding emergency fund. But you need to be consistent. You need to be patient and you need to persevere. 14. My Financial Mountain: Saving Project: So what is your project for the course? The project. Assume simple. Look over the emergency phone methods that's attached, and then just let us know which challenge, if any, you use or you would select. If you wanted to build your emergency fund, would you use a 52 week, a 52 week reverse, a 12 week or 365 day talent? Or would you not use any of them and have your own? By all means share with us. Which off the plans or which challenge, or what strategy you would use to build your emergency fund. 15. My Financial Mountain: Thank You: So it's always I just want to say thank you. Thank you for your time. Thank you for your dedication. Thank you for wanting to better yourself. I apologize if at any moment I was never re clear with some of the descriptions from some of the information provided. If you have any questions at any point, please feel free to Adam to the discussion board. Or you could reach me by email. Us. Well, also stay tuned for additional my financial mountain. Siri's courses. My goal with them is for them to help you through your financial journey again. I can't thank you enough. I hope they you actually go and proceed for the project. Hope that we get discussions going and I hope to help you as much as I can, Sharpless.