Your first emergency fund
Updated
An emergency fund is money set aside for life's surprises: a broken boiler, a car repair, or a gap between jobs. It's the safety net that stops a setback from becoming debt.
How much?
A common guide is 3 to 6 months of essential spending. Some people build up to that from a smaller amount. What is enough depends on your costs, how steady your income is and who relies on it.
Where it can be held
An savings account usually lets you reach the money within a day or so, and its rate can change. Notice and fixed accounts often pay more, but you wait for the money or may pay a charge to take it early. Investments can fall as well as rise, so they may be worth less on the day you need them.
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What Blooom does for you here
Blooom sees your accessible buffer against your monthly essentials, so you know how many months you're covered for.
With a free account, Blooom keeps your figures and dates in one place. It's free.
This guide is general financial education, not personal advice. Always do your own research, and consider speaking to a regulated adviser for your specific circumstances.
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