Examine your optional spending and see if there is anything you can drop or reduce. Instead of going out every other day. Whatever is left on the list is now your emergency budget. If something unexpected does happen, the emergency budget is the first place you can go to drop the spending.
- Build an emergency fund:
One of the most important tools you have to prepare for financial crisis is an emergency fund. Usually kept in a savings account, so you can easily access it when you need to, an emergency fund is money you set aside to cover your essential bills. The goal is to have at least enough money to cover you for three months. This money would go to living expenses such as food. Most households don’t have that much, so don’t panic.
Even if you are starting from zero, having that total of your essential expenses gives you the number you need to reach. Contributing what you can afford each month will give you that much more of a cushion in case of an emergency. Financial disasters can come in unexpected ways, so the more you have, the better your chances to make it through.
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