College Fund Double as Emergency Fund?
Cory thinks he's thought of a creative use for the college fund.
QUESTION: Cory asks if a college fund can double as your emergency fund as well.
ANSWER: No way. There are no shortcuts when it comes to saving. Would you use your retirement count as an emergency fund? I hope not, because all you'd be doing is replacing one crisis with another. What would happen when the money was eventually spent on college? You would have no emergency fund. If want to save for college, then save for college. But don't count it as your emergency fund.