emergency fund Archives - Empathic Finance

What is the minimum you could live on?

Posted by Mike Pumphrey on June 26, 2023 | Featured

Determining the minimum amount of money you could live on is important for determining your emergency fund and other financial goals. … Read More

Tags: emergencies, emergency fund, minimalism, minimum, minimum spending

Should you move your emergency fund to an interest-earning account?

Posted by Mike Pumphrey on June 19, 2023 | Featured

It’s not important to earn interest on your emergency fund, but if there is no downside, then why not do so, now that rates are so high? … Read More

Tags: emergency fund, savings, savings accounts

Are you ready to lose your job?

Posted by Mike Pumphrey on September 26, 2022 | Featured

Most of the important steps you need to take to handle a job loss happen before you lose your job. Here are those steps. A few years ago, I was let go from my full-time job. It had nothing to … Read More … Read More

Tags: emergency fund, grief, job loss, planning, unemployed, unemployment

How to start an emergency fund when money is tight

Posted by Mike Pumphrey on November 29, 2021 | Featured

When money is tight, an emergency fund is even more important. Here are some strategies to get you to put something, anything, away. You need an emergency fund. An emergency fund is not savings. You need that too, but that’s … Read More … Read More

Tags: budgeting, emergency fund, poverty

It’s time to create your own unemployment insurance

Posted by Mike Pumphrey on August 10, 2020 | Featured

If you’re employed, you have the option to create your own unemployment insurance that’s even more flexible than what you get through work. Some people don’t seem to understand what “getting unemployment” is all about. Unemployment is a kind of … Read More … Read More

Tags: disaster, emergency fund, insurance, unemployment

My take on Dave Ramsey’s 7 Baby Steps (Part 1, Baby Steps 1-3b)

Posted by Mike Pumphrey on October 22, 2018 | Featured

I offer my opinion and review of each of Dave Ramsey’s Baby Steps, starting with Baby Steps 1, 2, 3, and the often-forgotten Baby Step 3b. This post is part of a two-part series: My take on Dave Ramsey’s 7 … Read More … Read More

Tags: Dave Ramsey, debt, debt snowball, emergency fund, investing

Pay less now, or pay more later, your choice

Posted by Mike Pumphrey on January 29, 2018 | Featured

There are lots of ways to spend more money than you have to. One of the easiest ways to do that is to buy something before you have the money for it. And there are oodles of ways to do … Read More … Read More

Tags: disasters, emergencies, emergency fund, insurance, preparedness

Why a new job might be best treated as an emergency

Posted by Mike Pumphrey on September 18, 2017 | Featured

I just got a new job! (Don’t worry, I’m not shutting down this site.) Getting a new job is an exciting and terrifying time, one of the big life transitions. As it’s not a stretch to say that we spend … Read More … Read More

Tags: emergency fund, job change, jobs

Emergencies are the worst time for using debt

Posted by Mike Pumphrey on September 11, 2017 | Featured

Not long after I got my drivers license, my mom gave me an Exxon card to carry around with me. “For emergencies, in case you run out of gas and are stranded.” I never used it. It’s not that I … Read More … Read More

Tags: credit card, credit cards, emergencies, emergency fund, HELOC

How to know when something is really an emergency

Posted by Mike Pumphrey on September 19, 2016 | Featured

I’ve talked a lot about emergencies, those unfortunate aspects of life that you have to deal with sometimes, ones that often require a monetary outlay (dipping into your emergency fund, if you have one). I’ve made comments as to things … Read More … Read More

Tags: emergencies, emergency fund

emergency fund