How to build an emergency savings fund in three steps (1:59)

Video Summary: 

Saving money can be tough. But with a little diligence, you can build an emergency savings fund to cover the unexpected expenses that life throws your way.

Narrator:
So, do you have money saved just for emergencies?

Female:
Yes…no. I’m really trying to deal with, like, getting though school first.

Female:
Yeah.

Male:
Yup.

Male:
No. [Laughs]

Male:
Well, this is the first time I’m hearing this term…emergency savings fund?

Male:
Oh, wow.

Female:
Wow.

Female:
Woo!

Female:
Wow, that’s quite a lot.

Female:
If I go ahead and pay myself first, save it first, then I’m like, “Okay, this is all we have for the month, so let’s see what we can do with it!”

Female:
It’s one of those things where, I’ve started—like I have multiple savings accounts for separate things. So, you know, I can have all my holidays and gifts and all that. That fun can be over here, while I’m saving up for something big, like law school, over here.

Female:
I use a ton of apps online that like, it helps you—it gives you your statements throughout the week, so it tells you how much you spent on groceries and how much you spent on clothes or whatever. So it helps you manage your savings for the month.