is asavings accountwhere funds are earmarked exclusively for the use in the event of an emergency: losing your job, a medical crisis, or car repair.

What Destinys Child says (in their song,Bills, Bills, Bills):

Emergency Fundsare what the two ex-members of DC had to rely on after being fired from the group, and your EF is for just thatbills, bills, bills in the event you experience a loss of income.

How you can use anemergency fundin your own life:

will keep you from putting emergencies oncredit cardsand being in a cycle of credit carddebtfor the rest of your life!

also ensure your bills are paid on time which keeps yourcredit scorein tact.

Setting aside 3, 6, or 9 months of expenses (the amount depends on who you are and how many financial responsibilities you have such as a house, kids or other dependents) creates a nice cushion for the just in case in life.

For those paying offcredit carddebt or student loans, try saving up $1000 for a small

, it is important to learn what is and isnt an emergency. Breaking your leg is an emergency. Taco Tuesday is not.

Growing money starts with understanding the language of money. Goalsetter helps you learn the key concepts behind stocks, bonds, assets, debts, and investments, so you can become both smarter and richer. Because more money means more goals that you can accomplish, more causes you can support and more dreams you dont have to defer. And the best part is, parents and kids can learn together.

Goalsetter accounts are FDIC-insured for up to $250,000 through our partner bank, Evolve Bank and Trust.

Goalsetter is a registered trademark of Students of Wealth, Inc.