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Speaker 1: Exactly how much emergency money do you really need and

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Speaker 1: why the rules are so very wrong. Welcome back to

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Speaker 1: Sugar Mama's Fireplay, the podcast where we ignite your financial independence,

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Speaker 1: fuel your early retirement goals and dreams, and help you

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Speaker 1: build lasting wealth one smart, mindful step at a time.

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Speaker 1: I'm your host, financial planner, Cannah Campbell, and today we're

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Speaker 1: talking about something that really does quietly underpin every financial plan,

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Speaker 1: but is so often oversimplified, even misunderstood, or completely ignored,

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Speaker 1: and that is emergency money. Now, before you switch off thinking, oh,

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Speaker 1: this is going to be like a doom and gloom episode,

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Speaker 1: let me reassure you this is not about fear. It's

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Speaker 1: not about pessimism, and it's certainly not about expecting the worst.

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Speaker 1: This episode is about being real, being prepared, and being

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Speaker 1: wise financially wise, because emergency money isn't about actually assuming

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Speaker 1: life will go wrong. It's about knowing that life is

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Speaker 1: unpredictable and choosing to meet that unpredictability with calm, confidence

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Speaker 1: and options. You'll often hear this generic advice floating around

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Speaker 1: that is, you know you should have three to six

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Speaker 1: months of expenses saved set aside, or three to six

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Speaker 1: months of income set aside saved. But I actually do

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Speaker 1: not believe in this one size fits all financial rule.

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Speaker 1: Actually I don't believe in any of those one size

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Speaker 1: fits all financial rules. And today what I want to

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Speaker 1: do is actually explain why and show you how to

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Speaker 1: calculate an emergency buffer that actually reflects your real life,

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Speaker 1: not a textbook example. So let's start with the elephant

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Speaker 1: in the room, the three to six months of expenses rule.

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Speaker 1: It's sounds very neat, and it sounds responsible even, but

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Speaker 1: in practice it often falls apart. Why because emergencies don't

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Speaker 1: arrive politely, one at a time, or even with perfect spacing.

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Speaker 1: They often come in clusters, like a car breaks down,

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Speaker 1: which means you can't get to work, or you can't

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Speaker 1: get to work on time, which means you know, you

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Speaker 1: potentially look at you're losing your job, or your income

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Speaker 1: drops because you're not working as many hours, which means

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Speaker 1: then you might be behind on your rent or mortgage

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Speaker 1: or payments, becoming even more stressful. And then suddenly what

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Speaker 1: looked like a really small issue turns out to be

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Speaker 1: a cascade of financial stress, pressure, and anxiety. So emergencies

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Speaker 1: are rarely isolated at events they have like a flow

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Speaker 1: on effect. And yet most emergency fund advice assumes that

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Speaker 1: it's just one problem, you know, a really short duration

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Speaker 1: and there's a fast recovery. That is not how real

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Speaker 1: life works. So I'm not going to sugarcoat anything for you,

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Speaker 1: particularly when it comes to your financial resilience and stability.

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Speaker 1: Emergency money is not about covering time, it's about covering risks.

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Speaker 1: So instead of thinking how many months of expenses should

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Speaker 1: I save up for emergency money? I want you to

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Speaker 1: ask these three far more powerful and insightful questions. Number one,

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Speaker 1: what are my top five realistic financial risks, not imaginary disasters,

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Speaker 1: like real plausible scenarios based on your real life situation,

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Speaker 1: For example, having to take time out of work because

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Speaker 1: you've lost a job or work has perhaps dried up

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Speaker 1: or your job's been made redundant, and not having to

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Speaker 1: just take on any job, but actually the right job

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Speaker 1: for you, your experience, your skill sets, and even your

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Speaker 1: interests and career path. And another great example is what

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Speaker 1: about a health or a dental cost. A friend of

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Speaker 1: mine recently told me that he has had to spend

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Speaker 1: thirty five thousand dollars recently fixing his teeth. Another expense

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Speaker 1: is something that I can really relate to, and that

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Speaker 1: is a car replacement or a major repair. I recently

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Speaker 1: had to get my CTP and a green slip because

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Speaker 1: my car is quite old, and of course as they're

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Speaker 1: doing the service and doing the slip, all these things

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Speaker 1: were wrong and I was up for another eighteen hundred

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Speaker 1: dollars to get the car roadworthy. Another great one is

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Speaker 1: an unexpected family support situation. Perhaps you have to drop

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Speaker 1: everything to be with a family member and take some

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Speaker 1: time off work, or even like a housing disruption or

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Speaker 1: a relocation. You know I've shared in previous episodes, we

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Speaker 1: had some water damage done to our house, with the

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Speaker 1: cost of this well over one hundred thousand dollars. And

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Speaker 1: no it's not covered under Homan Contents insurance because it

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Speaker 1: was a maintenance issue from the previous owners. These are

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Speaker 1: just parts of life that we need to be realistic about. Now.

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Speaker 1: The second question you need to ask yourself is what

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Speaker 1: if the three most expensive risks that I've just written

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Speaker 1: down all happened at once, Because guess what, sometimes they do,

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Speaker 1: and this exact thing actually happened to me a couple

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Speaker 1: of years ironically, during frugal February, I had three, if

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Speaker 1: not four, major expenses all happened at the same time. Yes,

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Speaker 1: they collided. I couldn't believe my luck. But you know,

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Speaker 1: this is a reality. Like a job loss plus a

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Speaker 1: medical expense, or a car issue with some child, or

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Speaker 1: perhaps a car issue colliding with some childcare changes, or

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Speaker 1: perhaps a family illness issue that coincides with an unexpected bill.

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Speaker 1: Stack these potential expenses and risks together because life doesn't

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Speaker 1: always stagger them neatly. The third question you need to

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Speaker 1: ask yourself is if I had that amount of money

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Speaker 1: set aside, that is the three most expensive risks, would

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Speaker 1: I feel calm or would I still feel anxious? Because

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Speaker 1: this is actually the most important question. Emergency money is

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Speaker 1: not about a mathematical action. It's about psychological safety. If

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Speaker 1: that number, that is the three most expensive risks all

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Speaker 1: added up to give you a number, if that total

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Speaker 1: gross number still leaves you feeling uneasy, it's a sign

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Speaker 1: that you need to go north of it. So it

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Speaker 1: might look like thirty thousand dollars the total cost, and

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Speaker 1: you still think, you know what, that's actually not enough.

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Speaker 1: I still feel a little bit anxious. And unstable. With that, well,

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Speaker 1: perhaps you then need thirty five thousand or forty thousand.

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Speaker 1: You will know when you hit the right number because

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Speaker 1: you'll have a feeling of peace, And when you hit

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Speaker 1: that feeling of peace is a signal that you are

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Speaker 1: looking at the right number few When it comes to

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Speaker 1: emergency money, now, I want to be really clear here.

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Speaker 1: Emergency money is not about pessimism, even though we've just

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Speaker 1: spoken about all these potential risks of things going wrong,

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Speaker 1: and it's not about expecting life will go wrong. It's

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Speaker 1: about removing the panic from decision making. When you don't

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Speaker 1: have emergency mind, you make rushed decisions, You accept poor

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Speaker 1: job offers that aren't actually aligned to who you are

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Speaker 1: and what you're working towards. Sometimes you're forced to borrow

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Speaker 1: money at the worst possible time from the worst possible

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Speaker 1: people at the highest interest rates, or you're stuck in

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Speaker 1: a situation where you're forced to say yes out of fear,

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Speaker 1: not out of alignment. But when you do have emergency money,

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Speaker 1: and you have the right amount of emergency money for

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Speaker 1: you and your real life situation, you can afford to

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Speaker 1: press pause, You could afford to reassess, You could afford

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Speaker 1: to negotiate, you can afford to wait, and that is

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Speaker 1: so powerful. Emergency money gives you the time, and the

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Speaker 1: time gives you choice. Now that is priceless, particularly in

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Speaker 1: stressful situations. Now, let's talk about where this money should sit,

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Speaker 1: because this also really does matter to you. If you

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Speaker 1: have a mortgage, your emergency money should generally sit in

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Speaker 1: your offset account. Why well, it helps reduce the interest

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Speaker 1: you pay on your home loan. It also helps keep

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Speaker 1: the money liquid and accessible at all times, and it

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Speaker 1: effectively gives you a risk free return equal to your

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Speaker 1: mortgage interest rate. Now that means your emergency money is

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Speaker 1: quietly working in the background for you. It's lowering your

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Speaker 1: interest bill each month and helping you pay off your

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Speaker 1: home sooner without locking the money away. Now, if you

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Speaker 1: don't have mortgage and you don't have debt, your emergency

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Speaker 1: money should sit in a high interest online savings account.

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Speaker 1: And this is really easy to find. Just look at

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Speaker 1: the comparison websites to see what the best one is

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Speaker 1: for you, and obviously reviewed on a regular basis because

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Speaker 1: obviously the interest rates and the special offers always do change.

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Speaker 1: But you need to understand this about your emergency money.

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Speaker 1: It should never be invested, it should never be tied

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Speaker 1: up or locked away, and it should never be exposed

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Speaker 1: to market volatility. Emergency money, that is, your emergency money,

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Speaker 1: has one simple job, and that is to be there

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Speaker 1: when you need it and not when the market feels cooperative.

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Speaker 1: Accessibility and certainty matter more than return when it comes

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Speaker 1: to emergency money. Now, I want to talk about what

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Speaker 1: really does count as a true emergency, because temptation and

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Speaker 1: distractions obviously come our way, and sometimes we can justify

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Speaker 1: a special purchas as like an emergency. So let's go

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Speaker 1: through this truthfully and honestly. Emergency money is not a

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Speaker 1: holiday fund. Emergency money is not a shopping buffer. Emergency

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Speaker 1: money is not a lifestyle top up. It is for

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Speaker 1: true emergencies like the loss of an income, or health

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Speaker 1: and dental issues, or essential repairs to your car or

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Speaker 1: to your home or any family crist. And here's the

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Speaker 1: rule I want you to live by, and that is,

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Speaker 1: if you use your emergency money, replenishing it becomes your

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Speaker 1: top financial responsibility and priority once you are back on

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Speaker 1: your feet, yep, before you start thinking about investing, Before

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Speaker 1: you think about upgrading anything in your home or your life,

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Speaker 1: and before any discretionary spending. This discipline is what really

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Speaker 1: does help turn emergency money into a lifelong safety net,

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Speaker 1: not a temporary fix. Now here's the part that most

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Speaker 1: people never really talk about, and that is emergency money

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Speaker 1: doesn't just protect you, it actually empowers you. When your

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Speaker 1: financial foundations are solid, with the right amount of emergency

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Speaker 1: money for you, you can afford to invest with confidence.

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Speaker 1: You can afford to take those risks like starting up

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Speaker 1: a new business. You can afford to take those educated risks.

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Speaker 1: You could afford to say yes to more opportunities in

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Speaker 1: your life without fear or stress or in anxiety. Emergency

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Speaker 1: money gives you permission to actually grow and stretch further.

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Speaker 1: It is the reason that some people feel really bold

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Speaker 1: and expansive with money, while others feel really stuck, trapped

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Speaker 1: and reactive in very similar situations and even on very

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Speaker 1: similar incomes. Stability creates courage. Encourage creates that opportunity, and

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Speaker 1: we often have the right amount of emergency money at

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Speaker 1: the heart of what I'm talking about. So having emergency

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Speaker 1: money in your life, the right amount of emergency money

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Speaker 1: should leave you feeling proud. It should leave you feeling

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Speaker 1: responsible and capable, but best of all, resilient. It's not

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Speaker 1: a boring account. It's not a dull, boring doomsday account.

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Speaker 1: It's actually a declaration that you take your financial well

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Speaker 1: being really seriously and you're grateful for your emergency money.

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Speaker 1: Is says I don't outsource my safety, says I don't

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Speaker 1: rely on panic credit. It says I plan for life's reality,

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Speaker 1: and that mindset flows into every other part of your

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Speaker 1: financial life. Now, as you might be listening to this

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Speaker 1: and you're thinking, Okay, Kenna, I get it now. I

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Speaker 1: understand why emergency money really does matter, and I understand

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Speaker 1: how much I need to have in emergency money for

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Speaker 1: my situation and of course where it should sit in

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Speaker 1: my life. But how do I actually build this emergency

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Speaker 1: money when life already feels so incredibly expensive? And that

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Speaker 1: is a very real question. So rather than like rushing

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Speaker 1: through this today because I've obviously given you so much

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Speaker 1: information and I don't want to ever overload you, I'm

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Speaker 1: going to do this properly. So this Friday on my

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Speaker 1: start Here mini series within Sugarmuma's Fireplay, which goes live

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Speaker 1: every Friday morning at five am and by the way

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Speaker 1: Start Here is designed to be really practical, step by

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Speaker 1: step guide. I'm actually going going to walk you through

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Speaker 1: exactly how to build your emergency money figure from scratch,

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Speaker 1: even if you really are starting from zero and money

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Speaker 1: is of course right now feeling tight for all of us,

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Speaker 1: including myself, And in this particular episode this Friday, we'll

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Speaker 1: talk about where to start, how to prioritize building this money,

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Speaker 1: and of course what to do if you are also

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Speaker 1: juggling debt at the same time, so that you can

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Speaker 1: build this emergency money in a way that actually feels achievable,

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Speaker 1: not overwhelming. So make sure you're subscribed to this show

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Speaker 1: because Sugar Mama's fireplay really does set the vision, and

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Speaker 1: then of course Start Here shows you how to execute

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Speaker 1: it all right. In the meantime, let me please leave

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Speaker 1: you with this Emergency money is not about living cautiously.

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Speaker 1: It's about living intentionally. It's about building a foundation that

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Speaker 1: is so strong that when life throws you a curveball,

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Speaker 1: and it will, you don't collapse under pressure. You pause,

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Speaker 1: you choose, and you move forward with financial clarity. So

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Speaker 1: forget those silly, toxic, dangerous generic rules. They're not for you.

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Speaker 1: Ask better questions. Build a buffer that actually reflects your life,

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Speaker 1: but put it somewhere smart, whether it be a high

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Speaker 1: indred savings account or your offset or redraal facility. Protect

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Speaker 1: it fiercely and replenish it proudly, because emergency money isn't

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Speaker 1: about just surviving those hard moments. It's about creating a

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Speaker 1: life where you have the freedom, the confidence, and the

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Speaker 1: stability to say yes to what is next and waiting

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Speaker 1: for you around the corner. All right, everyone, thank you

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Speaker 1: so much for listening to Sugar Mamma's Fireplay. I am

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Speaker 1: your host financial planner, Canna Campbell, and as always, keep

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Speaker 1: your financial fire burning bright within. This is Sugar Mamma's

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Speaker 1: fire Player. S