Sentences with phrase «from dipping into that emergency fund»
Having this money in a different account will prevent you from dipping into that emergency fund if you're just a little short of your goal.
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I got a flat on my way home from work and need to transfer $ 120 from my emergency fund to my checking account to cover the expense, not, I'm going shopping and, according to the balance on my checking account I have $ 5,000 to spend, even though in reality $ 2,500 of that is my emergency fund and I risk dipping into it.
Being able to pull cash from a savings account can be much more beneficial than having to dip into your retirement fund — or worse yet, having to put your emergency expenses on a credit card with 20 % (or higher) interest charges.
When those events happen, instead of dipping into your emergency fund, you could instead use money from your sinking fund.
If you have a habit of dipping into savings from time to time, open a separate savings account at a bank you don't frequent, and keep your emergency funds there.