HOW TO SAVE FOR AN EMERGENCY FUND (EXAMPLES OF WHEN TO USE IT!)
Life always finds a way to happen to us at the most inopportune moments, and if you are not properly prepared, you risk being in an even worse position than when you started!
Emergencies will happen, it is inevitable, so the best course of action is to try and create a safety net for yourself so that you do not go into debt every time something important comes up.
EMERGENCY FUND VS. SAVINGS: WHAT’S THE DIFFERENCE?
A general savings fund should be used for long-term goals, and general peace of mind and avoiding overdraft fees.
HOW MUCH SHOULD I SAVE FOR MY EMERGENCY FUND?
Depending on your situation, this can seem like a lot, but if you stick to the baby steps about how to save for an emergency fund.
IS 5000 ENOUGH FOR AN EMERGENCY FUND?
When it comes to a specific dollar amount for an emergency fund, it depends on your own individual financial situation.
WHERE DO I PUT MY EMERGENCY FUND MONEY?
I would suggest having at least one other trusted person that can access the emergency account.
HOW DO I BUILD AN EMERGENCY FUND?
SET YOUR GOAL SAVINGS AMOUNT
The best first step for any financial decision is to set a goal for yourself!
ASSIGN YOURSELF CONTRIBUTION GOALS
Once you have identified where you can cut out expenses and how much money you have leftover, you can account for a very achievable savings goal.
START SMALL, THEN INCREASE CONTRIBUTIONS
Your emergency fund building should be something that gives you peace of mind and a safety net for life’s mishaps, not something new to stress you out.
Staying motivated is one of the most important steps in any financial situation, but especially when it comes to savings and building up your accounts.
Medical emergencies are usually not planned and, unfortunately, very expensive, depending on your individual situation.
JOB LOSS EXPENSE COVERAGE
If you lose your job unexpectedly, this is a good reason to use the emergency funds.
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