In the segment below, courtesy of Fox 59, I answer this question with a surprising answer.
Should you use your emergency savings for a house down payment? No.
Should you use your emergency savings for a vacation? No.
Should you use your emergency savings for a retail sale? No.
Should you use your emergency savings for unnecessary projects (home improvement, hobbies, etc.)? No.
Watch the clip to hear my explanation on why your emergency fund is not meant for any of these things.
Want to know more about emergency funds? Click the titles below for more information and tips.
Knowing when to use your emergency fund
Learning to save money correctly makes all the difference
In a perfect yet realistic world, this is how you would accumulate money
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.