Finance Tip of the Day

Maintain the Emergency Fund

  • 2018 28 May
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Maintain the Emergency Fund

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Maintain the Emergency Fund

Once you reach your goal, keep going. Maintain the habit of setting aside a portion of your earnings for the future. This will help with emergencies and enable you to build a retirement fund later on.

Experts recommend saving at least 6 months’ worth of living expenses. This may seem like a lot and can take time to build, but you will not regret this when the money cushions a job loss or other financial crunches you may encounter.

Every time you have 1 month of living expenses saved, set it in a separate account that’s not linked to your standard checking accounts. If it helps, open an account in a different bank to make it herder on yourself to tap into those funds.

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