MoneyWise

Rob West

How to Use Your Emergency Fund

January 30, 2021
00:00 0

Jumper cables are a blessing when your car won’t start, but you have to know how to use them or you might be in for a shock. The same can be said for your emergency fund. You have to think of your savings as a piggy bank, not a cash cow, or you’re just setting yourself up for trouble. Today, host Rob West and Steve Moore talk about how to use your emergency fund, and how not to.

 

·      You need to protect your emergency fund so it can protect you.

 

·      You shouldn’t use your emergency fund for things that are expected but might be infrequent (Christmas gifts, taxes, back to school shopping).

 

·      Anything you can plan for, you should.

 

·      Don’t use your emergency fund on things that aren’t required for living.

 

·      Use your emergency fund for housing, food, and transportation, as long as the need is unexpected, absolutely necessary, and urgent.

 

·      Make sure you spend as little of your emergency fund as possible.

 

·      Reduce regular spending to make your emergency money go further.

 

·      Rebuild your emergency fund as quickly as possible, because you never know when the next emergency will come along.

 

·      Remember that it’s not foolish to use your emergency fund when you have a real emergency, that’s what it’s there for.

 

Here are a couple of questions we answered from our callers on today’s program:

 

·      I sold my home about 2 years ago. I’m looking for a biblical, profitable way to invest the proceeds from that property. Do you have any ideas on how to invest that money?

 

·      I have a whole-life insurance policy and I no longer want to have it. I’d like to invest the cash I get from it. How would you suggest I do that?

 

Ask your questions at (800) 525-7000 or email them to Questions@MoneyWise.org. Visit our website at MoneyWise.org where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app.

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


 

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