Having an emergency fund can help smooth out life’s financial hits, whether they’re caused by inflation, unemployment or being laid up by illness.
If you’re lucky, things are going well right now. You have a steady paycheck, pay your bills on time and may even have a little extra money left over.
Lisa Gill, who writes about personal finance for Consumer Reports, said having a rainy day fund to cover these types of unplanned expenses can protect you from major debt, which can easily turn into a financial crisis. Once you determine your savings target, don’t let that number daunt you. It’s definitely important to start saving as much as you can, even if it’s $5 or $10 a month. You’ll be surprised by how quickly that adds up.
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