Emergency Fund

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

money in my 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

Are you ready

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.

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