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How to build emergency fund for financial safety
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[QUOTE="Ebo01, post: 325292, member: 72643"] [B]1. Spend less than you earn -[/B] This is the most obvious lesson when it comes to managing our money but for some reason, most people don't get it. If you spend less than you earn, you will be able to save money for your future and not have to rely on credit to get you through tough months. [B]2. Operate with a monthly budget -[/B] Setting a monthly budget is a great way to keep track of your spending and make sure you are spending your money wisely. If you don't know where your money is going each month, you won't have any idea how to get ahead with your finances. [B]3. Create an emergency fund -[/B] An emergency fund is money you have set aside to use for emergency expenses that come up during the month. If you do not have an emergency fund, you will be forced to use credit or other savings to pay for unexpected expenses. Having an emergency fund creates a financial safety net you can count on. [B]4. Pay with cash -[/B] Cash is king and I still totally believe that. Having cash in hand can get you much farther than paying for things with a credit card. Most people do not pay off their credit cards each month so something you thought was only going to cost you $100 could end up costing you double or triple once you factor in interest charges. Using spending cash to pay for things like entertainment help to ensure you are with in your budget because once cash is gone, it's gone! It forces you to spend your money wisely and think about what you are buying. [/QUOTE]
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