Help, It's An Emergency!
Your car just broke down. That tire just went flat. You just got into a car accident. The plumbing just messed up. Life happens but it's up to us to make sure we are prepared as much as we can be for anything that might come up. That's why you need an EMERGENCY FUND!
Having a financial safety net will give you peace of mind about how you'll meet your financial obligations in the event of illness, job loss, and unplanned expenses.
It's really important that you keep the fund in a seperate account, so you're less tempted to dip into it for non emergencies.
Don't be discouraged if you feel like you have no extra money to put away. You have to start with a realistic budget and set spending and saving goals.
How to Start:
Decide on a percentage of your income to designate as savings. (Financial Planners suggest 10% but whatever you can start with is OKAY)
Set up a separate savings account. (Seeing your savings balance grow from month to month and your financial goals becoming more of a reality is highly motivating.)
If you have direct deposit at work and your employer allows you to split your deposit between multiple accounts, consider having a set amount deducted from your paycheck each pay period and deposited into your savings account.
IF THIS HELPED YOU, TAP THE HEART!