Saving up for an emergency fund isn’t an easy thing to do. You have to tighten the belt when maybe you don’t see the immediate need for it. For those with the foresight to do so, however, it provides you and your family a nice safety net in case the unexpected should happen. Whether it’s a job loss or a large one-time financial cost, it really helps to have that safety cushion to fall back on.
It’s recommended that everyone has at least six months worth of reserve funds in an accessible savings account in case of an emergency. In this infographic, we use an example of a family of four needing about $3,000 a month to get by and how they can save up a six-month emergency savings fund.
Even if your finances differ from the example, use the tips in it to apply it to your own life. Maybe you’re single, or maybe you have a larger family, it really doesn’t matter. Saving money is saving money.
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