Why Your Emergency Fund is More Important Than Ever
Smart Solutions • February 2015
Let's face it. We just can't predict what the future will hold, especially in today's uncertain economy. Having a financial cushion for the unexpected — losing a job or incurring unplanned medical expenses — just makes good financial sense.
Without one, your main choices to cover unforeseen expenses may be withdrawing money from your retirement accounts (and paying the accompanying penalties) or racking up high-interest credit card debt. Either way, your finances suffer a serious setback.
Thankfully, setting up an emergency fund is simple — and we've outlined five steps to get you started.
Finally, be sure to reward yourself with something special — a massage, a night out, or other "off-limit" treat — when you meet your savings goal. That way, you won't feel deprived and be tempted to give up.
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