Building an emergency fund

ASIC’s MoneySmart

An emergency fund (also known as a rainy day fund or savings buffer) gives you some breathing space to deal with life's ups and downs. You can use this money if something unexpected happens to you or your family, like your car needs major repairs, or you need to buy a new washing machine.

The key points are as follows:

  • What is an emergency fund?

  • Start small to build your savings

  • Automate your savings

  • Ways to save everyday

  • When to use your emergency fund

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