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Establish and maintain an emergency fund of at least six months of expenses. This is extremely important and should only be used in emergencies. It should be easily accessible so that you can withdraw the funds quickly. It should only be used for unexpected costs, it should not fund vacations, new expensive clothing, dining out or other luxuries. Be sure to keep the emergency fund in a separate account so it is not mixed with other funds for other purposes. Stay away from temptation! A good way to make it grow consider is to set up automatic monthly transfers to ensure it gets fully funded. The emergency fund is for unexpected expenses like appliances that stop working, getting laid off from a job, long illness or an accident. Be sure to keep this fund for the unexpected and you will be prepared!
Please click “Like” if you have an established emergency fund.