Insurance is important…life, car, home or any other policies protect you and your loved ones in so many ways.
Having an emergency fund is kinda like having lifestyle insurance. Having money for the things you need to spend on day in and day out.
When we’re faced with unexpected financial hardships like many families are now, having an emergency fund to rely on is essential. The standard rule of thumb is 6 months’ worth of things like mortgage or rent, bills, food and gas. But even if you set a goal of saving a couple months’ worth, it would help alleviate the stress of unexpected burdens. The people with them now might be breathing a little easier.
When things get back on track, think about starting one. It may seem insurmountable to save what you’d need to live on for 6 months, but even if you can only start small. Just start.
Mandy’s Fabulously Frugal Fact is made thrifty by:
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