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    Home » Why You Need An Emergency Fund + a FREE Printable Savings Tracker To Get Started.

    April 4, 2017 By Ruth V. 82 Comments

    Why You Need An Emergency Fund + a FREE Printable Savings Tracker To Get Started.

    This post may contain affiliate links. Click here for more information.

    Do you have money set aside in case of an illness, accident or disaster? I've partnered with Allstate to talk about why you need an emergency fund and how to start one. Plus, I've got a free printable savings tracker so you get and stay motivated to build your emergency fund.

    printable savings tracker

    It's important for every family to have an emergency fund. Even singles or married couples with no kids can benefit from having a stockpile of money to use in unexpected situations. You never know when you or your child may get sick or some other emergency expense will arise. What happens if a driver cuts you off and you swerve into a curb and both of your tires pop? Your insurance deductible might be over $500. Or, what if your hot water heater explodes and damages your home? Now you need a new hot water heater and new flooring. Do you have that kind of money laying around?

    If you are living on a budget, having an emergency backup fund is extremely important. Let’s take a look at the why’s of building an emergency fund before getting into the how’s.

    4 Benefits of Building an Emergency Fund

    1. Keeps you from having more debt – If you have a sudden car repair or medical bill, your emergency fund will protect your bank account. With the money you have saved, you can pay the bill without whipping out your credit card, thus creating more debt for your family.

    2. Lowers your monthly expenses – With an emergency fund, you can pay a medical bill or other large statement without having to set up a payment plan. This keeps your month-to-month costs low, since no added expenses (and added interest) are tacked onto the budget.

    3. Gives you financial peace – There isn’t as much worry about money if you have an emergency fund built up. When you need to replace a tire on your vehicle, you can simply pull $150 out of your emergency account rather than stress about where the money is going to come from. It’s like having a buffer against the unexpected!

    4. Protects your family – Not only will you be keeping your bank account safe from unexpected situations, you can also protect your family with an emergency fund. With this stash of cash, you can get your child the medications he needs for a sinus infection without batting an eye. You could also replace your daughter’s car seat once she outgrows her old one. Little things like this keep everyone protected from day-to-day dangers.

    How to Start an Emergency Fund

    In order to build a sufficient emergency fund for your family, you should decide exactly how much money you need to put back. The amount recommended by most experts is $1,000. However, in line with Dave Ramsey's teachings, I would suggest you add up your living expenses, and make sure you have 3-6 times worth that amount in the fund.

    There are several ways you can build your emergency fund – and do it quickly. It shouldn’t take you more than one year to stock your fund with the money necessary to protect your family from unforeseen circumstances.

    Printable Savings Tracker

    emergency fund tracker

    Click HERE to print the full size PDF Printable Savings Tracker

    This printable savings tracker will help you stay motivated and organized when building your emergency fund. Record every deposit you make into the fund, and keep a running balance. The visual progress tracker can be shaded in as you build your emergency fund, to help you continue your progress! Note the ⅓ and ⅔ amounts on the lines beside the bar, then shade it in with each deposit.

    5 Ways to Build your Emergency Fund Fast

    Here are a few ways you can put money into the fund so it gets fully stocked quickly:

    1.) Get a part-time job: Just a few hours a week can be enough to put more into your emergency fund each week. You could also harness your talents with these crafts to make and sell.

    2.) Sell unused belongings: Clean out closets, the attic, and the basement. Hold a garage sale or list your items you no longer need on swap sites or selling sites. Put the profits into your emergency fund.

    3.) Cut back on expenses: Eliminate some of the unnecessary costs in your monthly budget, including eating out, Starbucks coffees, and purchasing lottery tickets. Instead, put these amounts toward the fund.

    4.) Use a zero-balance budget: Rather than leaving a few hundred dollars in your bank account at the end of each month, move it into your emergency fund. Leave yourself with a zero balance that will start over at the beginning of each new month.

    5.) Save your change: Anytime you use cash for a purchase, put the coins you receive in a jar. Deposit the money into your emergency fund once the jar is full. Also, check with your bank to see if they have a "keep the change" program where they round up your debit purchases to the nearest dollar and transfer that change into a savings account.

    Additional Tips about your Emergency Fund

    To be successful with your emergency fund, you must understand what constitutes a true emergency. You don’t want to waste your fund on purchases that aren’t extremely necessary.

    Your emergency fund is not for: concert tickets that just went on sale, birthday or holiday gifts, costs that aren’t surprises, like a vehicle tag renewal. The emergency fund is also not for any “just because” purchase.

    However, your emergency fund can cover unexpected expenses such as: car repair, job loss, medical bills, home damage, emergency pet care, or sudden dental work.

    Where to keep your emergency fund.

    Some people may wonder where to keep their emergency fund, in order to have access to it without spending it. That is really a decision for you and your family. Some keep cash in a fireproof safe, so they can get to it as needed. Others open a savings account with their bank dedicated to the emergency fund. That way, the money is a little more difficult to access, and gives you time to stop and think about using the money before you just spend it.

    I hope you put our printable savings tracker to good use to start building your emergency fund!

    This post was written as part of the Allstate Influencer Program and sponsored by Allstate. All opinions are mine. As the nation’s largest publicly held personal lines insurer, Allstate is dedicated not only to protecting what matters most–but to guiding people to live the Good Life, every day.

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    Comments

    1. Sapana V says

      April 04, 2017 at 11:13 am

      This is an awesome idea to track the savings. Saving is necessary these days

      Reply
    2. Amber Ludwig says

      April 05, 2017 at 8:45 am

      SUCH a great idea!! I love that on the printout it trackers your progress!! I love being able to see how close I am to my goal.

      Reply
    3. Angie Archerda says

      April 05, 2017 at 10:14 am

      This is a great idea. I save all year long for birthdays and holidays as well

      Reply
    4. Deborah D says

      April 05, 2017 at 3:34 pm

      I have an emergency fund in place. This pot is great to remind people of how important an emergency fund.

      Reply
    5. Ashley Chassereau Parks says

      April 05, 2017 at 5:07 pm

      We need to build our emergency fund back up... we've been hit with a lot lately. Here's praying the next few months are easy on us. lol

      Reply
    6. Edye says

      April 07, 2017 at 12:27 pm

      What a great thing to have! Thanks for sharing.

      Reply
    7. Linda Manns Linneman says

      April 07, 2017 at 7:19 pm

      I have found over my many years that having an emergency fund is so important to have. You never know when something unexpected is going to come up. Thank you so much for sharing this

      Reply
    8. Jo-Ann Brightman says

      April 07, 2017 at 10:20 pm

      No one wants to get caught unprepared and the printable should help one to get started.

      Reply
    9. Cami says

      April 10, 2017 at 3:13 pm

      I love these tips, great reminders! Budget in is a struggle for me but I would love having a more secure emergency fund.

      Reply
    10. mary walters says

      April 11, 2017 at 11:18 am

      very good idea. every family should do this

      Reply
    11. gloria patterson says

      April 11, 2017 at 3:22 pm

      This is a lot of great information that everybody you read and do. College students should be reading and doing something like this. I know they don't have a lot of time and or money to do but they should be aware

      Reply
    12. DENISE LOW says

      April 11, 2017 at 5:23 pm

      Thank you for sharing. This is a great idea. Everyone should have one.

      Reply
    13. Cathy Jarolin says

      April 13, 2017 at 12:24 pm

      I used a planner something like this when my Girls were children. It is amazing how quickly the money adds up! Your right you never know when something comes up and you need the extra money! Thank You for sharing this Important Post..

      Reply
    14. gloria patterson says

      April 15, 2017 at 12:50 pm

      I am going to pass this along to my niece. She works hard and has a part time job but never catches up. She borrows from family BUT she always PAYS it back. She would love to get a head

      Reply
    15. Pat F says

      April 19, 2017 at 10:12 am

      always need an emergency fund. I always carry $20 cash in my wallet for that reason. Love your suggestions and ideas!

      Reply
    16. Kristina Crafton says

      April 19, 2017 at 11:10 am

      I plan to print this soon! Also going to be taking Dave Ramsey classes soon, this is reassurance that it's a good idea ! Thank you so much.

      Reply
    17. Jenn k says

      April 25, 2017 at 10:16 am

      Great idea! Thanks.

      Reply
    18. Vickie Whitley says

      April 25, 2017 at 10:19 am

      Everyone needs an emergency fund put up. You never know what will happen.

      Reply
    19. Mary Simonton says

      April 25, 2017 at 10:26 am

      Great idea for everyone. Love all your posts. Lots of helpful information

      Reply
    20. Miranda Welle says

      April 25, 2017 at 10:36 am

      The tracker is a good idea. We do have an emergency fund but are hoping to build it up a little bit more.

      Reply
    21. Erin Chadwick says

      April 25, 2017 at 10:49 am

      Wow! Great idea

      Reply
    22. Elizabeth says

      April 25, 2017 at 10:51 am

      I have never thought about using a tracker before. I think I will print these out and save myself from a headache on how much money I spend and what I spend it on.
      Thanks.

      Reply
    23. Yexenia says

      April 25, 2017 at 10:57 am

      This is so helpful!

      Reply
    24. Lynn Slape says

      April 25, 2017 at 11:01 am

      Great idea and the reasons are really relevant to any family today. We already have an emergency fund but the tracker is a great addition to what we're already doing! Thank you for the information!

      Reply
    25. Anita Kell says

      April 25, 2017 at 11:08 am

      Thank you for the free printable! It's always smart to have a nest egg

      Reply
    26. Crystal Sard says

      April 25, 2017 at 11:16 am

      Saving money is so hard.. This looks like it could be really helpful for us!

      Reply
    27. Helene H says

      April 25, 2017 at 11:36 am

      Great idea-i have been extra worried, as you never know when emergencies will arise-my husband lost 2 jobs in two years due to the ecomomy...

      Reply
    28. Angel says

      April 25, 2017 at 12:16 pm

      Emergency funds are crucial! We used every bit of our 10,000 dollar fund while my husband was out of work for over a year. Takes away a lot of stress.

      Reply
    29. Nicole Becker says

      April 25, 2017 at 1:31 pm

      Great idea thank you!!

      Reply
    30. Misty A. says

      April 25, 2017 at 1:46 pm

      Great ideas on ways to save. I personally like saving my loose change. It really does add up.

      Reply
    31. Deeanna Campbell says

      April 25, 2017 at 3:19 pm

      This such great idea.I actual use something similar on another website off google crome

      Reply
    32. Jennifer babich says

      April 25, 2017 at 3:46 pm

      What an important lesson!! And the printable trackers make it seem doable

      Reply
    33. Meghan K Duvall says

      April 25, 2017 at 4:18 pm

      Great tips. Thanks for the tools.

      Reply
    34. Helen says

      April 25, 2017 at 4:28 pm

      This is definitely a must have. Thank you so much for the free printables too. They will surely be put to good use.

      Reply
    35. tonni says

      April 25, 2017 at 4:53 pm

      awesome idea. thanks for the share

      Reply
    36. Jordan R says

      April 25, 2017 at 5:49 pm

      What a great idea!

      Reply
    37. Jessica Kruger says

      April 25, 2017 at 6:58 pm

      I am definitely bookmarking this page! I want to start budgeting more.

      Reply
    38. Allison Andreoli says

      April 25, 2017 at 8:34 pm

      This is something I need to start doing!!

      Reply
    39. Laurie Snow says

      April 26, 2017 at 2:52 am

      I need to do this! Not enough emergecy funds saved ever!

      Reply
    40. ronnie mewbourn says

      April 26, 2017 at 6:22 am

      so true everyone needs to see this

      Reply
    41. Mnady Omasta says

      April 26, 2017 at 8:39 am

      Awesome! We all need to be financially prepared!

      Reply
    42. Valerie Lerma says

      April 26, 2017 at 12:18 pm

      great idea to track my spending and savings i might have

      Reply
    43. Elizabeth Johnson says

      April 26, 2017 at 2:50 pm

      We havent taken dave ramseys course yet. My family has as far as parents and sibling. We have kept a good savings account. (not a huge load but good enough) I have always been pretty frugal but i think i can still benefit more from this. Thank you.

      Reply
    44. Mia says

      April 26, 2017 at 6:45 pm

      Good reminder for us all to have budgets and they about finances in advance.

      Reply
    45. Vanessa Dalton says

      April 27, 2017 at 2:14 pm

      good idea. Very helpful

      Reply
    46. Victoria Scott says

      April 27, 2017 at 3:10 pm

      Thank you for this! I love printable hacks! Makes things so much easier!

      Reply
    47. Linda Manns Linneman says

      April 27, 2017 at 6:25 pm

      I have learned throughout the years that this is so important. You never know when something will happen. Thank you so much for sharing this

      Reply
    48. Racheal Kearbey-witherell says

      April 27, 2017 at 9:29 pm

      I'm working towards my emergency fund of $100

      Reply
    49. Jewls says

      April 27, 2017 at 9:54 pm

      This looks like a very good idea.

      Reply
    50. Edye says

      April 30, 2017 at 1:43 am

      This is so true! Such a great reminder, thank so much :]

      Reply
    51. denise low says

      April 30, 2017 at 9:05 pm

      I think everyone needs a emergency fund. You never know when something goes wrong.

      Reply
    52. Jonathan B says

      May 01, 2017 at 11:34 am

      pretty cool idea, might be worth trying it out for myself here sooner than later.

      Reply
    53. Julie M. says

      May 01, 2017 at 12:17 pm

      The printout is so helpful! So much easier to track your progress when you see your goal!

      Reply
    54. Kari Judd says

      May 01, 2017 at 1:26 pm

      Great Ideas!! Thank You!

      Reply
    55. Lauren Jones says

      May 01, 2017 at 10:08 pm

      I could definitely use this.

      Reply
    56. Chastity says

      May 02, 2017 at 10:06 am

      This is a great idea. When I was single I had emergency money but don't know what happen when I got married. Definitely need to start this again. One never knows.

      Reply
    57. Meghan k says

      May 02, 2017 at 11:46 am

      We could definitely benefit from this. Thanks!

      Reply
    58. Cathy Jarolin says

      May 02, 2017 at 2:57 pm

      This is my Kind of Savings Tracker! I find charting and writing it down keeps me on top of the money I am saving! This way keeps things so much more manageable & Organized...

      Reply
    59. Sandra Watts says

      May 02, 2017 at 4:27 pm

      My fund just got raided the other day . I just throw my change in a big big jug!

      Reply
    60. Kimberly Harbour says

      May 02, 2017 at 8:14 pm

      This is a great idea! Thanks I will definitely start doing this for my family!

      Reply
    61. denise low says

      May 02, 2017 at 8:30 pm

      Thank you for sharing. Everyone needs an emergency fund.

      Reply
    62. Heather Cahill says

      May 03, 2017 at 3:28 pm

      Very good idea!

      Reply
    63. Mia says

      May 03, 2017 at 9:30 pm

      Having the peace of mind from knowing that there was a fund would be very comforting.

      Reply
    64. Rija says

      May 04, 2017 at 10:01 am

      This is a good idea !

      Reply
    65. Jessica Lodge says

      May 04, 2017 at 6:52 pm

      Great tips!! I'm working on selling unused items. It so important to have an emergency fund!!

      Reply
    66. Mariah says

      May 05, 2017 at 3:27 am

      This is a good idea. My kids and I save any change we can. Even when we find a penny we add it to our piggy bank. As,for some of the other things we have a more difficult time being able to do so. Any extra we get has,to go for the month in our home as our income is very low for 5 people.

      Reply
    67. Lisa Bohn says

      May 05, 2017 at 9:34 am

      Everyone could use this

      Reply
    68. Vanessa Dalton says

      May 05, 2017 at 12:15 pm

      Thank you for the wonderful info

      Reply
    69. Ashley Chassereau Parks says

      May 07, 2017 at 9:38 pm

      I need to get our emergency fund built back up. We bought our house in August and have been renovating as much as possible, but now we need to build up our savings for a bit. I wish I could add in a part time job.... still trying to figure that out being a SAHM and homeschooling. AH!

      Reply
    70. katie says

      May 08, 2017 at 2:22 pm

      These are great tips! I save my change in a bag and whenever I'm in a store that does self check out I empty out that bag of change. Sometimes it's enough for $10 off the amount. I'm selling all my unused items on an app as well. Looking for all those ways to save!

      Reply
    71. Kayla Norris says

      May 08, 2017 at 9:57 pm

      My family definitely saves. I am going to send this to a few friends to help them get the start they need.

      Reply
    72. Sarah Piecznski says

      May 09, 2017 at 6:15 am

      Very useful tool! Thank you for sharing!

      Reply
    73. Angela hamel says

      May 09, 2017 at 8:03 am

      I will be doing this, thank you ever so much for sharing!!

      Reply
    74. CHRISTY SWEENEY says

      May 09, 2017 at 8:14 am

      So very important. You never know what life will throw at you. Very important to prepare instead of having to count on others to pick up the pieces if a tragedy happens

      Reply
    75. Richard Hicks says

      May 09, 2017 at 12:07 pm

      This is something EVERYONE needs to have. Good tips to get one started.

      Reply
    76. Lauryn R says

      May 09, 2017 at 1:41 pm

      This is such a great idea! I have always been a fan of note taking and list making! 🙂 It helps so much to stay organized, especially when it comes to finances. Thank you so much for sharing your print out!

      Reply
    77. Karen Propes says

      May 09, 2017 at 2:23 pm

      I agree with you. I've always had an emergency fund we add to each month I don't have a tracker, we track ours with our billing tracker. I enter every time we make a deposit and how much. I just keep up with all that on the bill tracker because it's all right there when we pay the bills. This is a great idea.

      Reply
    78. Loni H says

      May 09, 2017 at 2:28 pm

      Love the saving tracker. We are definitely a savings family!

      Reply
    79. Kathy Pease says

      May 09, 2017 at 3:16 pm

      Such great advice..You should always be prepared for the unexpected

      Reply
    80. Heather w says

      May 09, 2017 at 9:07 pm

      This is so true! We have been trying to build our emeegency fund this past year.

      Reply
    81. YVONNE WOODSTOCK says

      May 10, 2017 at 12:06 am

      My-husband-is-awesome-at-putting-money-aside-in-case-of-some-kind-of-unexpected-emergency-and-it-has-
      been-gravely-needed-beyond-our-ideas-we-even-considered-when-saving-it.
      Thanks-for-sharing-this-info-and-resource/tools...I-think-some-of-our-young-adult-kids-would-really
      appreciate-this.

      Reply
    82. Sue E says

      May 12, 2017 at 10:34 pm

      I really liked some of the points you made regarding emergency money! A couple of mistakes that I have made - like using our emergency fund for Birthday or Christmas gifts. Plus we have thrown our change into a jar. We have, on occasion, used our change jar money for emergencies & was shocked to find out that there was only a little over $500 in it!
      So everything does add up. Thanks for the budget sheets! I will use them.

      Reply

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