Building and maintaining an emergency fund is a key to financial readiness for service members and their families. After covering your basic monthly expenses, start an emergency fund. It can save you a lot of stress and debt. Having that buffer allows you to focus on the mission, knowing that you and your family can handle life's curveballs. If an appliance breaks, the roof leaks or your car needs repairs, your emergency fund will provide peace of mind.
Set a goal for how much money you want to save for emergencies. A good general recommendation is three to six months of living expenses, although your first milestone could be less. You want to reach this goal fairly quickly, so aim for $500 to $1,000 to start.
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