What’s in your wallet? Do you have enough money saved up to help out during the rainy days. If you don’t learn the first step of creating an emergency fund.
I read about many personal finance mentors such as Dave Ramsey, Suze Orman, Larry Burkett to name a few, they all advise to have a emergency fund. There are many several ways to create a budget for yourself by setting aside a small amount weekly, monthly depending on your cash flow.
What’s In Your Wallet
The best ways to create an emergency fund if you don’t have a hugh amount to set aside. First figure out what is your target amount. Estimate your expenses, such as Debt, Personal expenses, Food, Housing, Utilities, Transportation .
If you feel you need to save more , it’s not a good idea to save 3-6 months, because your emergency can become more in depth, so having the extra amount saved up will tremendously help out. So try to expand your emergency savings to include :
- If your income is not steady
- Common layoffs with a high-risk industry
- If retired, your money may be in a bond investments or voliate
Let’s Do It
You can save enough money, Don’t worry, build it up over time on a regular basis every week or whenever you get paid. Overtime you will reach your goal. The importance is making the first baby steps. For example , if you can save $20.00 dollars a week in 2 years you saved $2,080.00 you can add more to it as time goes by and reach your target. Just image you increase your amount to $40.00 you saved $4,160.00. So investing in yourself helps and changing your outcome gives you something to look for in the time of need.