How do I build an emergency fund?
In Emergency Fund Builder, set a target, then log what you save.
This needs an account. Sign in to the app first.
Steps
- Open the Wealth tab. Under Learn & Explore, tap Money Foundations, then tap Emergency Fund Builder.
- On the My Fund tab, find Target Calculator. Type your monthly expenses. The box starts with a sample amount, so replace it with your own.
- Choose a target of 3, 6, 9 or 12 months. SOS multiplies it by your monthly expenses to show your target amount.
- Tap + at the top, or tap Log First Contribution. Choose Contribution, type what you already have saved, and tap Save.
- Each time you save more, add a contribution. Choose Withdrawal when you take money out.
- Your balance, months covered and progress bar update after each entry.
Good to know
Your first entry sets your starting balance. Each new entry adds to or takes from your newest balance.
Your entries save to your account. Your monthly expenses and target stay only on this device, so set them again on a new device.
SOS does not move money. The Emergency Fund Guide asks a few questions and saves a monthly template and a goal. You set up any transfer in your own bank app.
The other tabs
Strategies, What Counts and Science are reading for learning. They are not financial advice, and the right size for your fund depends on your own situation.
Time to Fully Funded shows how long it could take at a few monthly amounts. It does not include interest.
Deleting an entry asks first. The balance shown is the one saved on your newest entry.