By Euro Weekly News Media • 02 July 2015 • 14:21
SMALL STEPS: Putting change in a jar can help you save for the unexpected.
YOUR car has broken down, but you need it for work, so it’s essential to get it fixed. But the repairs cost a fortune and you can barely make it to the end of the month as it is. So what can you do since money doesn’t actually grow on trees? These sorts of emergency situations happen to all of us and usually we are not financially prepared for them. So we end up struggling to find the money to deal with the dilemma. Therefore, it is a wise move to try and have an emergency fund at hand. Having at least eight months’ salary put aside for unforeseen emergencies is intelligent, according to experts. Look at your monthly expenses for rent, mortgage or utilities and then multiply by eight to have enough emergency money saved. Eight seems to be the magic number, as this is usually how long it can take to find another job in the case of unemployment. It takes effort to save money but it is not impossible. Most of us think that we’ll never get sick or be in a position where we can’t work, but these things are a reality of life so being prepared is important. Every time you spend money, ask yourself, “Do I need this?” If the answer is no, then take the money you would have spent and put it in a savings account. When you pay in cash, save your change and put it in a jar. All of these small steps can help you save.
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