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The Importance of Building an Emergency Fund
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[QUOTE="Yusra3, post: 322259, member: 31907"] The Importance of Building an Emergency Fund An emergency fund is essential to your financial security, and it's no secret that the cost of living after college can be high. However, having enough money in your emergency fund can also help you avoid credit card debt and other debt traps. The average college student has around $2,500 saved for emergencies, but that number might be different for each student. Some students have more than others because they're trying to save as much as possible for their future. this can include paying off a car or even starting a business. The goal is to have enough money set aside in case you need it during a time when you can't pay your bills or get access to credit. The most important part of building an emergency fund is making sure you actually build it. That means setting up an automatic transfer from your checking account into a savings account every month, so that the money is available when you want it without having to think about it too much. Make sure that whatever method you use doesn't result in overdraft fees or other costs unnecessarily added onto your bill each month. [/QUOTE]
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