In this episode of Mindful Money, we dive into the importance of building an emergency fund as the foundation of a successful financial plan. The purpose of an emergency fund is to cover unexpected expenses and provide peace of mind. We'll discuss guidelines on how much to save based on different life stages, from young adults to retirees, and explore practical steps for calculating and building your emergency savings. An emergency fund is a crucial safety net to protect against financial setbacks and ensure long-term financial stability.

In this episode:
(00:00) - Intro
(01:07) - Building your emergency fund
(02:11) - What is an Emergency Fund?
(03:14) - How much should you save?
(04:51) - Emergency fund by life stages
(08:23) - Calculating your minimum emergency fund
(09:25) - When to use your emergency fund

Get full show notes and links at https://mindful.money.

ABOUT MINDFUL MONEY:
Do you struggle with money? You’re not alone.

Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration, it becomes destructive.

The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.

Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.

If you aren’t happy with your finances, feel like money takes more time than it should, or want to place your financial decisions into the broader context of your life, this show is for you.

Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy but do NOT improve outcomes.

MINDFUL MONEY RESOURCES:
Website: https://mindful.money
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