Emergency Funds
What is an emergency fund used for?
Unexpected expenses or loss of income.
What should you check to see where your money is going?
Receipts.
What should you cut down on to save more money?
Nonessentials.
True or False: Emergency funds are only for vacations.
False
How many months of expenses should an emergency fund usually have?
3–6 months.
Buying used items instead of new is called what?
Shopping second hand.
What is one way teenagers can earn extra money?
A side hustle or part-time job.
True or False: Saving small amounts over time can help build an emergency fund.
True.
What type of savings account can help your emergency fund grow faster?
A HYSA (High Yield Savings Account).
What does “pay yourself first” mean?
Save money before spending on other things.
What bank feature can automatically move money into savings?
Automatic transfers.
True or False: A savings account and emergency fund are the exact same thing.
False.
Name one way to slowly build an emergency fund.
Automatic transfers, saving tax refunds.
What is one thing you should create before starting to save money?
A goal or plan.
Why is starting to save ASAP important?
Money grows over time and builds good habits.
True or False: Spending less can help you save more.
True.
Why is an emergency fund important?
It helps cover emergencies without going into debt.
What is one benefit of budgeting?
Helps control spending and save more money.
Name two examples of side hustles from the slides.
Doing chores, getting a job, or selling belongings.
True or False: You should wait until you are older to start saving money.
False.