--- title: Emergency Fund description: Emergency Fund image: https://blog.homesmart.com/hubfs/Emergency%20fund.jpeg --- [![HomeSmart](https://blog.homesmart.com/hubfs/homesmart_blog_2020/homesmart-logo.png "HomeSmart")](https://homesmart.com/) - [Home](https://homesmart.com/) - [About Us](https://homesmart.com/about-us/) - [Buyers](https://homesmart.com/buyers/) - [Sellers](https://homesmart.com/sellers/) - [Blog](https://blog.homesmart.com/) - [Contact Us](https://homesmart.com/join-us/contact-us/) - [JOIN](https://join.homesmart.com/) [Industry Perspectives](https://blog.homesmart.com/tag/industry-perspectives) ## Emergency Fund By [Tori Sokol](https://blog.homesmart.com/author/tori-sokol) on December 07, 2017 ![Tori Sokol](https://blog.homesmart.com/hubfs/tori.png)   Homeownership is different from renting in that all expenses are the owner’s responsibility. When you rent, the landlord handles repairs and other issues for you. Those that own their own home must realize storing some money away for a rainy day is essential. ### Savings for the Unexpected Homeowners must be realistic and keep a little savings that is designated for the repairs, maintenance and needs of their home in the form of an emergency fund. Rainy days will come at some point and being prepared will help your stress level, bank account and home. We don’t want to think about bad things happening, but should consider the possibility. Here are a few examples of the unexpected that can alter your financial situation quickly: - Job loss - Tragic injury - Death or birth in the family - Need for a new vehicle - Costly home repairs Be sure you have set aside some savings to weather the storm of potentially difficult situations and expenses. ### Suggested Emergency Fund Amount Financial experts suggest homeowners have three to six months of their total monthly bills in savings. This is the amount they say to not touch unless an unexpected emergency comes up. Responsible homeowners plan ahead and store up a little nest egg of savings in their bank account. If you think that saving up several months of an emergency fund seems impossible or a daunting task, then set a budget to begin saving gradually. Every little bit helps and you’ll be able to watch your savings grow over time. When difficult circumstances come up, then you’ll need to dip into your emergency fund and you’ll be glad that it’s at least started if not already fully funded. ### Help is Available If you find yourself in a situation where you need funds quickly then try to be resourceful and start making calls for help.  Call creditors and ask for extensions or payment plans with your bills. Don’t sit back and wait for things to work out but rather be proactive and take initiative. An emergency fund is a wise way to ensure you’ll be able to pay your mortgage and make timely repairs for your home. Plus, you’ll have a greater peace of mind just knowing you are able to take care of your home, family and finances more easily. While homeownership requires a major financial commitment, it is well worth it. ## Related Posts [Real Estate](https://blog.homesmart.com/topic/real-estate) [Industry Perspectives](https://blog.homesmart.com/topic/industry-perspectives) [Investing](https://blog.homesmart.com/topic/investing) ## [The Beginner's Guide to Real Estate Investing](https://blog.homesmart.com/the-beginners-guide-to-real-estate-investing) You've heard about real estate investing, but do you know what it really entails? On the surface, it... June 29, 2020 ![](https://blog.homesmart.com/hubfs/homesmart_blog_2020/comment%20icon.png)  0 [real estate industry](https://blog.homesmart.com/topic/real-estate-industry) [Industry Perspectives](https://blog.homesmart.com/topic/industry-perspectives) [real estate business](https://blog.homesmart.com/topic/real-estate-business) ## [Real Estate Teams Are the Future](https://blog.homesmart.com/real-estate-teams-are-the-future) For top-performing individual real estate agents looking to take their businesses to the next level,... April 05, 2018 ![](https://blog.homesmart.com/hubfs/homesmart_blog_2020/comment%20icon.png)  0 - - - - ### Popular Tags - [real estate business (56)](https://blog.homesmart.com/tag/real-estate-business) - [Industry Perspectives (55)](https://blog.homesmart.com/tag/industry-perspectives) - [Real Estate (50)](https://blog.homesmart.com/tag/real-estate) - [real estate industry (46)](https://blog.homesmart.com/tag/real-estate-industry) - [real estate agent (43)](https://blog.homesmart.com/tag/real-estate-agent) ![Watch Now](https://blog.homesmart.com/hubfs/homesmart_blog_2020/__ads.png "Watch Now") ### Trending Posts [100% Commission: Breaking Down the Benefits](https://blog.homesmart.com/100-commission-breaking-down-the-benefits) Mar 07, 2023 [Real Estate](https://blog.homesmart.com/topic/real-estate) [real estate agent](https://blog.homesmart.com/topic/real-estate-agent) [Buyers & Sellers](https://blog.homesmart.com/topic/buyers-sellers) [Holding an Open House](https://blog.homesmart.com/topic/holding-an-open-house) [The Yummy Guide to Open House Refreshments](https://blog.homesmart.com/the-yummy-guide-to-open-house-refreshments) Jun 18, 2019 [real estate industry](https://blog.homesmart.com/topic/real-estate-industry) [real estate business](https://blog.homesmart.com/topic/real-estate-business) [5 Tips for Staging Successful Broker Tours](https://blog.homesmart.com/5-tips-for-staging-successful-broker-tours) Jan 03, 2019 ## Join Our Newsletter Join with your email address to receive weekly updates! ### Subscribe Here! ![HomeSmart](https://blog.homesmart.com/hubfs/homesmart_blog_2020/homesmart-white-logo.png "HomeSmart") Whether it’s your first time buying a home or your tenth, put one of the biggest investments of your life in the hands of a professional #### Contact Us HomeSmart Corporate: 602.230.7600 8388 E Hartford Dr, Ste 100 | Scottsdale, AZ 85255 - - #### Quick Contact ##### FILL OUT THE FORM EBLOW - [Home](https://homesmart.com/) - [About Us](https://homesmart.com/about-us/) - [Buyers](https://homesmart.com/buyers/) - [Sellers](https://homesmart.com/sellers/) - [Find A Home](https://homesmart.com/homesearch/) - [Find An Agent](https://homesmart.com/real-estate-agents) - [Find An Office](https://homesmart.com/real-estate-offices) Copyright HomeSmart International 2020 - All Rights Reserved - [Accessibility](https://homesmart.com/accessibility/) - [Terms & Conditions](https://homesmart.com/privacy-policy/)