Checklist #02 · Savings
Emergency Fund Planning
Determine exactly how much to save, where to keep it, and how to build it systematically — without disrupting your current cash flow.
24 action items~15 min to complete5 sections
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completed
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Overall progress0 of 31 items
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Assess Your Risk Profile
0/7 completed
Calculate your total essential monthly expensesKey
Determine your employment stabilityKey
Count household income earners
Assess your industry's volatility
Note any large irregular expenses in the next 12 monthsWatch out
Review wash sale rules for lossesWatch out
Document holding periods for each positionAction
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57%
of Americans can't cover a $1,000 emergency from savings
6 mo
recommended cushion for single-income households
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Set Your Target Amount
0/4 completed
Multiply essential monthly expenses by your target monthsKey
Add one 'wildcard' month for underestimation
Document your current emergency fund balance
Calculate your funding gapKey
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Choose the Right Account
0/7 completed
Open a high-yield savings account (HYSA) if you haven't alreadyAction
Verify FDIC or NCUA insurance coverage
Confirm you can access funds within 1–3 business daysWatch out
Name the account clearly
Compare account fees and minimumsWatch out
Compare plan performance and fees annuallyAction
Verify state tax deduction carryforward rulesWatch out
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Build It Systematically
0/5 completed
Calculate your affordable monthly contribution
Set up automatic transfer on paydayKey
Identify one-time funding opportunitiesAction
Set a milestone to celebrate at 1 month funded
Track your balance monthly and adjust contribution if income changes
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Protect and Maintain It
0/8 completed
Define what qualifies as an emergency before you need toKey
Create a replenishment plan for after any withdrawal
Review your target amount annually or after major life changes
Keep emergency fund separate from investment accountsWatch out
Review and increase liability insurance (umbrella policy) if net worth has significantly increasedAction
Review your estate plan — a large windfall changes your estate planning needsAction
Be deliberate about loan requests from family or friends — set a clear policy before it comes upWatch out
Update your will and beneficiary designations across all accountsAction