10 Ways To Save For An Emergency Savings Way

What is the primary purpose of an emergency savings fund according to the text?

• To pay for luxury vacations

• To invest in stocks for future gains

• To provide a financial safety net during bad times

• To finance bigger or more expensive purchases

Answer explanation

The primary purpose of an emergency savings fund is to provide a financial safety net during bad times, as stated in the text.

Tags

Savings

Emergency Savings Fund

How did the host, Corey Fowler, view their emergency savings account?

• As a retirement fund

• As an FU fund

• As a travel fund

• As a college fund

Answer explanation

Corey Fowler viewed their emergency savings account as an FU fund, not as a retirement, travel, or college fund.

Tags

Emergency Savings Fund

Savings

Financial Eduation

FU Fund

What was Corey Fowler's main business before the pandemic?

• Online retail

• Financial consulting

• Graphic design

• Wedding photography

Answer explanation

Corey Fowler's main business before the pandemic was wedding photography, as indicated in the correct answer choice.

Tags

Savings

Emergency Savings Fund

Financial Eduation

Corey Fowler

What is a HESA, as mentioned in the text?

• High Interest Savings Account

• High Earnings Stock Account

• High Efficiency Savings Account

• High Energy Savings Account

Answer explanation

The correct choice is 'High Interest Savings Account' because HESA stands for High Interest Savings Account as mentioned in the text.

Tags

Savings

Emergency Savings Fund

Financial Eduation

High Interest Savings Accounts

What is the first step to creating your own FU fund according to the episode?

• Decide how much time you want to buy for yourself

• Establish what your necessary fixed life expenses are

• Decide where to keep your emergency fund

• Start funneling more money into your emergency fund

Answer explanation

The first step to creating your own FU fund is to establish what your necessary fixed life expenses are.

Tags

Savings

Emergency Savings Fund

Financial Eduation

FU Fund

Spending Tracker

What does Corey Fowler suggest doing every year regarding bills?

• Increasing your spending limits

• Switching to new service providers

• Renegotiating your contracts and bills

• Canceling all your subscriptions

Answer explanation

Corey Fowler suggests renegotiating your contracts and bills every year to potentially save money.

Tags

Savings

Emergency Savings Fund

Financial Eduation

According to the text, what is a temporary way to increase income mentioned?

• Renting out your primary residence

• Investing in the stock market

• Taking on a few gig work shifts

• Selling your car

Answer explanation

The correct choice is taking on a few gig work shifts, as mentioned in the text as a temporary way to increase income.

Tags

Savings

Emergency Savings Fund

Financial Eduation

Gig Work

What is the recommended action if you're carrying credit card debt with high interest rates?

• Request a loan from a friend or family

• Invest more in the stock market

• Use a balance transfer card to lower interest payments

• Ignore the debt until the emergency fund is built

Answer explanation

Using a balance transfer card to lower interest payments is recommended to reduce the burden of high interest rates on credit card debt.

Tags

Savings

Emergency Savings Fund

Financial Eduation

Credit Card Debt

Balance Transfer Card

What is one of the 10 ways to save money quickly for an emergency fund as mentioned?

• Buying a new car to reduce maintenance costs

• Eating at home for a month

• Taking expensive vacations less frequently

• Purchasing luxury items only on sale

Answer explanation

Eating at home for a month is one of the 10 ways to save money quickly for an emergency fund as mentioned.

Tags

Savings

Emergency Savings Fund

Financial Eduation

What does Corey Fowler use for their FU fund?

• A stock investment portfolio

• A high interest savings account

• A locked savings account with high penalties for withdrawal

• A checking account with their day-to-day bank

Answer explanation

Corey Fowler uses a high interest savings account for their FU fund, as mentioned in the answer choices.

Tags

Savings

Emergency Savings Fund

Financial Eduation

High Interest Savings Accounts

Corey Fowler