An emergency fund is a pool of liquid money set aside for unforeseen expenses like a medical expense or a car repair. Having an emergency fund can be the difference between a small bump in your financial life and a complete disaster.

Having a robust emergency fund gives you peace of mind. No one wants to live one payday away from not being able to pay the rent or one car breakdown away from not being able to get to work.

Keeping that emergency fund money separate from the money you use to pay bills is essential.

When creating an emergency fund buffer, decide which account will hold this reserve amount e.g. $3k and don’t use it for anything else.

MyDosh will display your progress – the needle and percentage show your progress toward the reserve.

Tip: You could create a robot to put a % of your income into your emergency fund, and use another robot to put any excess reserve into a savings account.

How to use this feature