Your Emergency Fund

Chapter 6 of Winning With Money discusses the importance of building a solid emergency fund - or as we describe it in the book - the Go To Hell fund. This fund is the money you put aside for the emergencies that happen in your life.

How much do you want to have in your fund? I recommend having a full six month of expenses plus your daily budget. You of course can save any amount that you want to - but I recommend you determine an exact amount and make a goal of saving that amount sooner rather than later.

Go back to your Daliy Spending Calculator. How much was in Step 5? This is the amount you need to multiply by 6 to determine Your Emergency Fund.

Remember, donʼt put your emergency fund in a CD or any other type of investment. These funds need to be easily accessible without penalty. Look for a good local bank or credit union that offers you a high interest rate for your money - and allows you to access the funds without too much hassle.

Resources to help you find the right high interest account:,