Should you be building an Emergency fund for a rainy day or should you just focus on savings and investments? Let’s find out!

When I first started learning about investing and saving. I remember being so excited to get started. I would read everything online I could, but I was constantly given the same piece of advice “focus first on an emergency fund” But let’s face it… that is BORING!

Is there a way to build your emergency fund while saving at the same time and is an emergency fund something we even need anyway? Why can’t we just use our savings instead?

In today’s video we look at the following:

What is an emergency fund?
When can I use my emergency fund?
Why an emergency fund will help you save
Where is the best place to store an emergency fund?
3 Unique ways to build your emergency fund while still saving!

So sit back relax and enjoy me chatting about the exciting world of emergency funds!

Timestamps:
00:00 – Intro
00:54 – What is an emergency Fund
01:20 – Why is an emergency fund important Vs savings?
02:20 – How an emergency fund can help you save
04:20 – the psychological benefit of an emergency fund
4:58 – How much emergency funds should I have?
06:03 – Where to store an emergency fund?
07:50 – The problem with an emergency fund
08:36 – 3 Ways to build an emergency fund while saving.

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5 books to shape your financial future:
The richest man in Babylon:
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An engaging tale that teaches the fundamentals of saving and attitudes you should have towards money. I listen to this at least once per year.
A random walk down Wall Street:
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Let Burton Gordon Malkiel, explain everything you need to know about trying to beat the market.
Rich dad poor dad:
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There is a reason this features on all lists of the best books. You will walk away from this truly understanding the importance of income producing assets.
The Millionaire next door:
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I love this book because it destroys the conventional perception that all millionaires are one type of person. Read this and you will so realise being a millionaire is well within your grasp!
Green eggs and Ham:
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Life changing

My Videos:
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How to stop you investments being taxed: https://www.youtube.com/watch?v=kA9W7...
Investing in stocks and shares: https://www.youtube.com/watch?v=yG5pl...

Links from the video
Money saving expert https://www.moneysavingexpert.com/
Monzo https://monzo.com/
Moneybox https://www.moneyboxapp.com/
Premium Bonds https://www.nsandi.com/premiumbonds
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