Emergency Funds are essential! I hope now you believe me!
But I realize that saying everyone should save $100-200 a month is much easier said than done.
In starting your emergency fund, there are basics from all finance goals you can apply
- Make a SMART goal (Specific, manageable, achievable, realistic and timely). Ensure you have a numeric goal for next month, in 6 months, a year and finally your ultimate dream emergency fund amount
- Take it out of your pay as soon as you get it and put it into your emergency fund. You don’t have to worry about it every day, just take it out before you notice and you will barely miss that $25 or $50.
- You can even make it an automatic withdrawal into another account if that works best for you
Ensure that this money, regardless of its size, becomes a regular part of pay day and paying bills. You need to pay yourself!