One thing is true of life—expect the unexpected. That’s why any financial guru around will stress the importance of having money set aside for when “life happens”. But what is an emergency fund and what should it be used for? I can tell you it’s not for that 65″ TV you’ve been eyeing when yours bites the dust. While having no TV may seem like a catastrophic event to some, it’s not exactly the type of crisis that you’ll want to dip your fingers into your cash stash for.