How To Save A $3,000 Emergency Fund By The End Of This Year financial diet

The best decision I ever made in my life was investing in financial market. Trus me guys, it pays a lot . And I have come to realize that trading bitcoin is more profitable than holding it and waiting for it to skyrocket.

It's strange you made this video after Hurricane Ida flooded the apartments and homes of New Yorkers and New Jersians, making emergency funds even more of a necessity.

In this modern time, living a comfortable life is all about how much you have at hand or saved up somewhere. People tend to forget and never appreciate investing. I started late but no regrets, currently 46 years old , retired with a good amount, which I had saved through passive income and by diversifying my active income back then. I'm happy and sleep well at night, knowing I have built a good foundation for my kids and hopefully their kids too. I have done a lot of Investments but my most profitable was Crypto currency. I Invested 100k around 2019 and this year I am counting over $2.5 million returns off it. Digital assets is no more a joke, Crypto currency is the future and I am happy to be on this train.

I love your page. You’re the only “financial guru” I can bear to listen to, because you seem to be a real person with a realistic view of finances.

I doubt you’ll see this comment, but I just wanted to mention that the Illinois tax rate you refer to is just their state income tax and doesn’t take into account federal US income tax. You mention Canadian dollars in the video, so I wondered if you might be Canadian. I would personally love to see a video discussing taxes and the differences between the US and Canada and what we get for our taxes vs what we pay.

I am self employed so I have to save 30% of my income for taxes, and it still isn’t enough, and that doesn’t include property taxes. The reason for that is that in the US we have social security money taken out. If you’re employed, your employer “pays for” half of the money that goes toward your social security. If you’re self employed you have to foot the whole bill. Which makes sense, but in the US, social security is running out, so people who are low middle class like me won’t ever see it, but it does a lot of damage to our ability to save, invest, or build businesses.

The US is a hot mess.

I saved $10,000 last year thanks to your advice and constant reminders about why I need an emergency fund in your videos. I'll be happy with how big it is when I get it to $15,000.

1. Step Have more than 3000 $ income.

My emergency fund allowed me to leave a job that was making me suffer mentally and look for another!

Emergency fund should be made a priority especially during this time that our future is still uncertain.

How much is everyone thinking of doing for their own emergency funds? I think 3-5k myself but curious to see if that would be enough. 🙂

I had two back to back emergencies this past summer that knocked off about 40% of my emergency fund which really sucked. But it would have sucked much more if I hadn't had it sitting there in the first place

although there is no way i can save this by the end of the year… i couldn't even save a thousand by the end of the year and at first i got depressed but then i looked at it this way even though i can't save that amount i can save something! and since i have no savings currently saving anything is better than nothing. so i am going to challenge myself to see how much i can save by the end of the year and focus on building the habit of saving monthly.

So far I have about a year and a half of savings for emergencies

I love everything about this video!! I currently save 30% of my own income (married, separately budgets and accounts, with one child, we don’t own a home). 20% goes to my tiered emergency fund goals:
#1 $1000- life surprise (speeding ticket, hotel money if your home has been damaged) ✅
#2 $2000-car emergency ✅ (car still under warranty)
#3 $4000-medical emergency (family deductible max) ✅
#4 $40,000-one year budget for job loss or to pay for a death in the family ❎ almost 4 months so far.

The other 10% goes towards a house savings and a family trip to Paris in 2027

I keep this all in an online HYSA through AMEX and I use a budgeting software called YNAB.

A year ago when the pandemic hit I had nothing saved when my job closed for two months. This unfortunate situation brought such clarity and awareness in my life. Good luck everyone!

Great blouse and I love your glasses!

Smartypig has piggyvest vibes. If you're Nigerian iykyk

I started my emergency fund during the pandemic. I was fortunate to still be working during that time and I used my stimulus checks to start my emergency fund.

Hi Chelsea! I truly hope you read this. We moved from Spain to the US a couple of months ago, and I will say that the American financial system is really confusing. It seems you need credit for everything, not only for buying a car or renting an apartment. We have been asked for our credit score to set up ELECTRICITY when we moved to our apartment. Since we don’t have any credit, we’ve had to pay security deposits for everything. I will not rant about the absurdities of my experiences (I was brought up to think that if you couldn’t afford something, you simply wouldn’t buy it. Asking for credit was for people trying to live above their means). As someone who has lived in several countries as an adult and travel many times to the US for holidays, it truly was a shock when I had to face the financial system. I wanted to suggest if you could do a video on how to start building credit, which banks do you recommend, etc. A “home finances for dummies”, 101 of finances in the US for a young couple who is starting with no financial history. Thanks for your videos and the great work you put into them!

I save $250 per paycheck, I call it my car payment.
I drive a 2005 trailblazer that’s not anything nice or flashy but it’s completely paid off. Every 2 weeks my savings and retirement accounts get paid instead of a debt.

Okay…. but what about people who don't make 60k a month or who make near or below the poverty line?

Her voice is sooo annoying – content ‘ok’ just ok at best