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5 Ways to Save Emergency Funds
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[QUOTE="Suba, post: 335290, member: 3658"] An emergency fund is a fund that we have prepared in advance with a certain amount that we prepare or will use in the event of unexpected circumstances, such as floods, earthquakes, etc. From the description of emergency funds above, there is a certain amount that we have prepared which of course will be different for each person, but we can determine the ideal amount of emergency funds as follows: Single (no children): 8X average monthly expenses. Family (no children): 12X average monthly expenses Family (with children): 18X average monthly expenses For many people, saving emergency funds is not easy, it requires determination and a strong will, apart from that we also need a strategy or method. Here are some ways to save emergency funds: 1. Record every expense and add it up every month for at least 3 months. Calculate your average monthly expenses. 2. Determine the ideal amount of emergency funds according to the formula above Example: If you are a single person who has a total income of $1000, and average monthly expenses of $800, then the ideal amount of emergency fund is $6,400. 3. Determine the percentage to allocate monthly income to an emergency fund, for example 10%, meaning $100, which means it will take you 64 months to reach your ideal emergency fund. 4. Manage your finances strictly, and if possible build a side hustle, so that your needs every month can be met well. 5. Act more efficiently, get rid of unnecessary expenses, and be more disciplined. [/QUOTE]
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