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GLOSSARY · BUDGETING, SPENDING & SAVING

Emergency fund

Cash kept for a job loss or a large unexpected bill, usually sized in months of essential spending. For someone on a work visa it also has to cover the costs of a job search under a deadline, or of moving.

Also called: rainy day fund, cash cushion, runway
FORMULA
Months covered = cash ÷ essential monthly spending
COMPUTE IT WITH YOUR NUMBERS
Emergency fund calculator →How many months of expenses do I have saved, and how many do I need?H-1B layoff runway →If I am laid off (on H-1B), what severance, how long does my money last, and what is my 60-day deadline?
LEARN IT PROPERLY
CHAPTER · ARRIVING AND WORKING ON A VISA · FOUNDATIONSBank Accounts, an SSN or ITIN, and Credit from ZeroCHAPTER · BUDGETING METHODS & FUNDAMENTALS · FOUNDATIONSCash Flow: Matching Bills to Paydays
RELATED TERMS
60-day grace period (H-1B and similar)
SOURCES
All terms →The Library →