Do you have an emergency fund?
I do. But many people I know don’t. Essentially, an emergency fund is money you have saved away for when you need it. And I mean REALLY need it. No, a new TV doesn’t count. I am talking about things like losing a job (or quitting one that is bad for your mental health), unforeseen medical expenses, unexpected travel expenses (such as to visit a seriously ill parent). It is a worst-case-scenario emergency fund.
How much should you have in your emergency fund? A minimum of three months living expenses, but preferably more. If you have up to a year’s worth, this would enable you the ability to quit a job and know you can live comfortable for quite some time before you would need to start panicking.
Easy ways to save are looking at ways you can cut down that budget a bit… every little bit counts.
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Filed under: Budget
Great advice. What I found is that people think they have to save large amounts at a time. Not so.
I had my daughters automatically transfer $5 from a checking account to a savings account…they couldn’t believe how quickly that account grew. And because it was done automatically, they didn’t even have to think about it.
Even if you just take the spare change left over at the end of the day, put it in a jar, at the end of a month, deposit it in the bank…you’d be surprised how it adds up.
Consistently saving small amounts is the key!!
Barbara Stanny, author: “Prince Charming Isn’t Coming: How Women Get Smart About Money.”
http://www.barbarstanny.com