Why You Need an Emergency Fund And How to Get One
Why You Need an Emergency Fund And How to Get One Building an emergency fund is something most people know they should do but few actually get around to doing. A recent study found that nearly two-thirds of Americans did not have an emergency fund, and more than half would have trouble coming up with $1,000 on short notice. That lack of savings puts them at risk and makes achieving long-term financial goals much more difficult. Building an emergency fund is a critical first step on the road to financial security. Many people think that they do not make enough money to build an emergency fund, but even low-income workers can set money aside if they take the right steps. Take Note of Daily Expenses You may think you have no extra money to build an emergency fund, but those extra dollars could be hiding in plain sight. Take a few minutes to review your normal daily expenses, from that morning cup of coffee and lunch with coworkers to daily parking charges and the take-out...