America Saves Week: Best Practices for Establishing Your Emergency Fund

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat every Wednesday at 3 p.m ET. This week, Experian  supported America Saves Week with a special #CreditChat about why you should have a rainy day fund, and how you build it.

This panel included: Taylor Spangler: Family and Consumer Sciences Extension Program Coordinator at the University of Florida and the campaign leader for Florida Saves; Brian Posten: Business Development Officer at Air Force Federal Credit UnionShannon McNay: Personal Finance Freelance Writer ; Rod Griffin: Director of Public Education at Experian; and Christina Roman: Social Media Specialist at Experian.

We also featured financial tips all week on Snapchat.

Moments from our Tweet chat.

Question We Discussed:

  • Q1: What is an emergency fund and why should you have one?
  • Q2: How is an emergency fund different than a savings account?
  • Q3: How much money should you aim to have in an emergency fund?
  • Q4: What are best practices for building an emergency fund?
  • Q5: Where should you keep your emergency fund?
  • Q6: What are your top tips for boosting an emergency fund?
  • Q7: What are barriers that keep people from saving their money?
  • Q8: Can you build an emergency fund while paying off debt?
  • Q9: What are some common mistakes people make when trying to build an emergency fund?
  • Q10: Any final tips for someone interested in building their emergency fund?

America Saves

If you’ve never heard about #CreditChat, here is a brief overview:

Relevant chats on YouTube: