Dollars=Sense: "Lets Talk Emergency Funds"

5 Tips To Create An Emergency Fund 

By: Ambrea Curry

 

As we all know, life can throw unexpected curve balls at us at the worst times. Yes, its no secret that we all, at some point or another, experience some sort of financial inconveniences and for that reason, having an emergency fund is essential. Financial security is one of the most soft after ideas but, whether YOU will take the necessary steps to achieve financial security is the question. Below are 5 easy tips to effectively create and maintain an emergency fund.   

 

 

 

1. Assess your individual financial circumstance 

2. Determine and set a realistic goal amount and savings strategy. (daily, weekly, bi-weekly, monthly) Most use a monthly strategy of Direct Deposit from their employer, this is recommended because you won't "see" the money so you wont "miss" the money.

3. Find a safe location, preferably a financial Institution ( i.e. bank or credit union) that is not easily accessible.... NOT under your mattress or in an old shoe box!

4. Do NOT get a debit card for this account **I REPEAT DO NOT!!!** This way you will have to physically walk in to make any withdraws if needed.

5. Exercise DISCIPLINE!!!! (those "cute" shoes are NOT an emergency LOL...nor is that "to die for" handbag).
 
 
Some might argue that the process of building and maintaining an emergency fund is much more complicated than just these 5 simple steps, but I beg to differ. I have personally put these principles in effect, and it has been working ever since... minus a few "ohhhh these are sooo cute moments" LOL ... Happy Savings!!