Emergency fund checklist
How to build a reserve: calculate from costs, set the target in months, keep it separate and accessible, automate contributions and agree spending rules.

[ ] Work out one month of compulsory costs
    Housing, food, transport, phone, medication, loan payments. Calculate costs, not income.
[ ] Set the target in months rather than in a sum
    Three months of costs with a stable job, more with irregular income or dependants. A target in months does not go stale with inflation.
[ ] Open a separate place for the fund
    Not the account you pay for everything from. Mixed money disappears without any decision being made.
[ ] Choose an instrument with fast access
    The money should be available within a day or two, without losses. Return is secondary to access.
[ ] Automate the contributions
    A transfer on payday rather than \u201cwhatever is left\u201d. There almost never is any — that is about attention, not discipline.
[ ] Start with an amount you will not notice
    Even a small regular transfer builds the habit and a first result. The amount can grow as income does.
[ ] Send one-off money into the fund
    Refunds, bonuses, gifts, selling things. The fastest way to build it without changing how you live.
[ ] Account for loans and compulsory payments
    Expensive debt is often worth clearing faster, but a minimal fund is still needed — otherwise a missed payment is inevitable.
[ ] Choose the currency and form to match your costs
    The fund is needed where you actually pay. Exotic instruments complicate access exactly when you need it.
[ ] Agree the spending rules with everyone involved
    What counts as a genuine emergency and what is a want. Agreeing in advance prevents an argument at a hard moment.
[ ] Check that the fund is not replacing insurance
    Medical, property, liability. Some large risks are cheaper to insure than to save for.
[ ] Revisit the amount when costs change
    Moving, a child, a mortgage, a new job. A fund sized three years ago no longer covers the same number of months.
[ ] Rebuild the fund after using it
    If you spend it, rebuilding is the next financial goal, ahead of holidays and purchases. Otherwise the next problem is a catastrophe again.
[ ] Track the progress once a month
    Five minutes: how much is saved, how many months it covers. Visible progress is what keeps the habit alive.

Checklist from Unload: https://unloads.me/c/emergency-fund