Unexpected events, such as medical bills or financial emergencies, can throw off even the best-laid financial plans. Right now about half of Americans can not afford an unexpected financial emergency of $1,000. This is why an emergency fund is key to financial success.
First work towards getting $1,000 saved. Start automatically sending some money from your paycheck to your savings account. Even create a third account for the sole purpose of keeping this money separate. Every bank and credit union will allow you to have as many as 10 different savings accounts tied to your one checking account. Next to raise money start selling stuff. Stuff that you just don’t need or use anymore. Facebook marketplace is amazing for this. You’ll be amazed at how much stuff you don’t need anymore. Go big with a garage sale. Just get that money and set it aside. Next time you need some tires or an urgent care visit you’ll have the cash instead of more credit card debt.
Leave a Reply