How To Start An Emergency Fund

Every financial adviser you will meet will stress on the importance of starting a fund which will cushion you in times of need called the emergency fund. Although emergency funds sounds familiar, starting one can be extremely difficult.  However, it is not that hard if you just dedicate a portion of your time setting it up.

  • Believe that saving is not a bad thing.

Many of us think that saving is such a negative thing that we end up not saving at all. If you just change your mindset about saving and think for a second the benefits it can give you, saving money can be so much easier. It gives you a peace of mind knowing that anytime a bad thing happens, you have something to cushion your finances.

  • Decide on how much your emergency fund will be.

How much money would make you feel at ease to tackle anything? There are people who apportion about 3-6 month worth of salary to an emergency fund. There are others who go up to 12-month worth of salary for an emergency fund. How much your emergency fund will be depends solely on your need to feel secure.

  • What is the ideal emergency fund amount?

The ideal emergency fund amount never goes below your regular monthly budget. That being, it is important for you to list down all your expenses from recurring costs like bills to practical expenses like food and clothing.

  • Open an emergency savings account.

You should store your emergency funds to somewhere that is accessible when you need it but not that easy to access especially during times when you want to splurge.

  • Be realistic on how much you can save

Consider how much you can afford to keep in your emergency fund each week while not neglecting your necessary expenses. Once you have come down to a realistic goal, start setting up automatic deposits so that you won’t have any excuse for not saving.

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