Before Spending Your Emergency Fund, Ask Yourself These Questions
Before Spending Your Emergency Fund, Ask Yourself These Questions
By Nicole Dow Senior Writer
We get so used to thinking of our emergency fund as cash we shouldn’t touch. It can feel wrong to actually spend that money.
But the financial situation that’s cropped up as a result of the coronavirus pandemic makes now a perfectly legit time to tap into your reserves. Honestly.
Your individual circumstance, however, may leave you questioning whether it’s really okay to be spending your emergency fund. Maybe you have a spouse who is still working or enough money in the bank to stretch a few weeks longer.
Here are four questions to ask before spending your emergency cash.
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1. Is This Expense a Need?
This is a pretty obvious question but one that’s vital to consider. When you use your emergency fund to replace lost income, you can’t spend like you used to.
Ask yourself: Is this expense necessary for my survival? If not, it’s not worth draining your rainy day fund for.
That may mean pausing your cable service or taking a break from tithing so you can eat, stay healthy and keep a roof over your head.
2. Are There Resources to Help With This Expense?
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