Challenge for Week August 15th - August 21st
This week, take a look at your emergency fund and see if it still meets the needs of your current lifestyle. You check your fire extinguishers and the batteries in your smoke alarms regularly to make sure they still work; your emergency fund should be no different. Changes in expenses, a promotion at work, and inflation can all cause your emergency fund to drift off course.
Review your budget and determine how much you would want to have in your emergency fund if you were starting from scratch. Then compare that number to the number in your fund. If you don't have enough, put together a plan to fill your fund back up.