We all know the importance of having an emergency fund, but saving up a good cash reserve isn't always easy. After setting parameters for what constitutes an emergency expense, there will no doubt be times when you'll have to pull out the funds to cover these unexpected costs. Now you're faced with having to put the money back into the account for later use.

Chris Helgren/Reuters/File
A piggy bank branded with the logo of the English Premier League soccer club Arsenal is seen in a souvenir shop in London. Setting up and contributing to an emergency fund is one of several steps a young adult should take.