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How to Build an Emergency Fund
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[QUOTE="Leah Kelvin, post: 336861, member: 106815"] An important step towards financial stability is creating an emergency fund. In the case of unexpected expenses or job loss, an emergency fund acts as a financial buffer. Here are some ways to create an emergency fund: 1. Determine Your Target: Decide how much you need to save for your emergency fund. Most financial advisers recommend saving at least 3-6 months’ worth of living costs. However, this may change depending on factors such as level of job security, family situation and health. 2. Create a Budget: Making a budget is one of the most important things to do in order to build up your emergency funds. Take a look at all your income and expenditures so that you can identify areas where you can make cuts hence save more money. Have a target amount that you will be saving per month and always prioritize depositing some cash into your emergency savings account. 3. Choose the Right Savings Account: Select a savings account with high interest rates and no fees attached to it; usually internet bank accounts come in handy here because they have higher rates compared to traditional banks. 4. Automate Your Savings: By setting monthly automatic transfers from checking account into one’s personal savings/checkings, this allows for consistent savings and stops unnecessary spending on other items. [/QUOTE]
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