How to setup an emergency fund
An emergency fund is a savings account to cover for unexpected events. Create a separate savings account and start by saving $1,000 fast in this account. This account will only be used for emergency cases. Once your savings account is filled and you are in the process of paying off any outstanding debt, you can fill your savings account with an amount to cover six to twelve of your household’s expenses. This is to safeguard you in case your income suddenly stops. This is the amount required to pay your bills for six to twelve months.
Your emergency fund is an insurance to keep your family afloat in case of emergency and a sudden loss of income.
To increase your savings you will either need to increase your income and reduce your spending. Learn more about increasing your income and reducing your spending.
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