Building your Emergency Fund
Before you start stashing away your money for an emergency, the first step in building your emergency fund is to figure out just how much money you have to put aside in the first place.
People often dont know where theyre spending their money. Once you can account for every penny, its a lot easier to decide where you can cut back and start to save.
You cant always account for emergencies so it is more critical to build the fund as fast as possible.
Many people will have a little extra money coming their way after April 15.
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Your targets cant depend on your boss giving you a raise; they must be reachable by your own efforts. Why let it just sit and collect dust while it could collect interest instead in a savings account? Ideally, those unexpected expenses could be covered by the funds in the Irregular Expenses account in any good budget. Replace all essentials such as cracked storm windows and renew the weather stripping.
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