Can You Build An Emergency Fund Like This?

Описание: After experiencing job loss in the past, it's important to me to work towards an extended emergency fund. In this video, I talk about how to use a CD ladder to break down savings into more manageable, bite-size chunks.

-I opened a 1-year CD the first of every month until I had a CD to represent each month of the year
-When each of these "time capsule" accounts reach the 1 year mark, I add more money...final goal will be to have 1 month worth of expenses in each CD
-I will just keep rolling them over year-to-year once they are fully funded
-This emergency fund will only be used in the case of INCOME LOSS in the event that we are unable to pay for our monthly expenses

EXAMPLE: Job loss in January. Normal emergency fund savings will cover my January expenses, but then, I can pull out my February CD to cover February expenses. If I still haven't found a job by March, I will pull my March CD, etc...until I have secured a new position.

I look forward to working on my CD ladder every month. I hate saving, but this has made it exciting and fun!!

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Disclaimer: Please note that I am not a financial professional. My videos are my personal experiences and not intended to be used for financial advice.