No matter how much you’re earning, an emergency fund is a critical component to your financial health. But if you don’t even have enough cash to cover a $400 expense, how are you supposed to build an emergency fund? If money is tight, the key is to build your savings gradually. Most experts recommend saving...
An emergency fund may seem like just another task on your lengthy financial to-do list, so it’s tempting to move it to the back-burner and focus on more immediate responsibilities. However, not building an emergency fund can actually cost you more money in the long run. If you don’t have an emergency fund and you...
Saving for the future isn’t easy, especially when you probably have multiple financial responsibilities pulling your money in different directions. Between the mortgage, car payments, and all your other household bills, it’s a challenge to find spare cash to put toward your savings. So when it comes to establishing an emergency fund, it’s tempting to...
You know you need an emergency fund for life’s little surprises, but where should you keep it? Stuff happens. Often when you least expect it. A flu that gets the best of you. A clunking noise coming from your car brakes? A busted water heater. You get the picture. It’s why most financial experts suggest...
We all need money on hand for unplanned expenses, yet a frightening 27% of Americans have no savings at all. Without cash in the bank, you risk racking up scores of debt the next time a financial emergency strikes. That debt, in turn, can cost you money in accrued interest, damage your credit score, and...
You should treat your savings as the most important bill/obligation that you have. Always pay yourself first. Retirement Savings: 10% of your net income Your personal retirement savings is necessary even if you have a retirement plan with your job and plan on receiving social security when you retire. If you work for yourself a...