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Emergency funds and savings goals
How to plan for surprise costs and reach a savings goal one week at a time.
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An emergency fund is money set aside only for surprises, like a car repair, a broken phone or a lost job. It keeps a surprise from turning into debt.
A savings goal is a specific amount you want by a certain date. To find how much to save each week, divide the goal by the number of weeks. Then check that the weekly amount fits your budget.
Keep an emergency fund in a savings account, not in your wallet, so it is harder to spend by accident.
Words to know
Write what each word means in your own words.
- Emergency fund
- Savings goal
- Savings account
Questions
- You want to save $240 in 12 weeks for a surprise-cost cushion. How much do you need to save each week?
- You earn $60 a week and already spend $45 of it. Can you save $20 a week? How much would you still need to find, or cut?
- Your phone screen breaks and the repair costs $90. You have $120 in your emergency fund. How much is left after the repair?
- After the repair in question 3, you save $15 a week. How many weeks to get back to $120?
- Which of these is a good use of an emergency fund?
- A new game on sale
- A flat tire repair you need to get to work
- Concert tickets
- A new pair of sneakers
- Why is it a good idea to keep an emergency fund in a savings account instead of cash at home?
- Set your own savings goal. What is it, how much, by when, and how much a week?
Answer key: Emergency funds and savings goals
Words to know
- Emergency fund: Money set aside only for surprises, like a car repair or a lost job. A common goal is three to six months of expenses, built up over time.
- Savings goal: A specific amount of money you want to save by a certain time, like $400 for a console in 16 weeks.
- Savings account: A bank account for money you're setting aside. It pays some interest.
Questions
- $240 ÷ 12 = $20 a week.
- $60 − $45 = $15 left, so you are $5 short of $20. You would need to cut $5 a week or earn $5 more.
- $120 − $90 = $30.
- You need $120 − $30 = $90. $90 ÷ $15 = 6 weeks.
- B. An emergency is an unexpected cost you must pay.
- Answers will vary. For example, it is safer, it can earn interest, and it is harder to spend on impulse.
- Answers will vary. Look for a goal amount divided by the number of weeks.
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