CharterMeNow
  • Home Default
  • Features
    • Post Styles
    • Post Video
    • Post Gallery
    • Post Ajax
    • Sidebar
    • Review
    • Category Layouts
      • Technology
      • Fashion
      • Sports
      • Gadgets
      • Application
      • Travel
      • Photography
    • Pages
      • Team Template
      • Contact
      • 404 Template
      • Search Page
      • Tag Page
      • Archive Page
    • Child Menu
      • Sub-child Menu
        • Sub-child Menu
        • Sub-child Menu
        • Sub-child Menu
      • Sub-child Menu
      • Sub-child Menu
  • Fashion
  • Tech
    • Gadgets
    • Application
    • Sports
    • Travel
Friday, January 22, 2021
  • Home
  • About Us
  • Privacy Policy
  • Write For Us
  • Contact Us
  • SiteMap
CharterMeNow
CharterMeNow
CharterMeNow
  • Auto
  • Business
    • Crypto Currency
    • Job
    • Marketing
  • Education
  • Finance
  • Health
    • Body Building
    • Dental Care
    • Weight Loss
  • Home
    • Packers & Movers
    • Pest Control
    • Plumbing
    • Real Estate
    • Roofing
  • Technology
    • Application
    • Gadgets
    • Graphic Design
    • Hardware
    • SEO
    • Software
  • Travel
HomeHomeHow to Budget for Life’s Suprises
Home

How to Budget for Life’s Suprises

Naman Sanghavi
Naman SanghaviHomeMarch 22, 2018March 27, 2018No comment
posted on Mar. 22, 2018 at 9:26 amMarch 27, 2018
851Views

When an unexpected expense occurs, many people rely on credit, but a better way exists. You should set aside money to have readily available in case of an emergency, what’s known as an emergency fund. At a minimum, an emergency fund should consist of three months of your living expenses. If you have dependents, your emergency fund should consist of six months of your living expenses. Find out ways you can budget for life’s surprises.

The Need for an Emergency Fund Is Real

A recent study found that 78 percent of full-time working Americans live paycheck to paycheck, having no cash reserve to deal with emergencies. Some common surprises that may call for cash reserves include the following:

  • Unemployment
  • Home repairs
  • Illness
  • Unexpected travel
An Emergency Fund Saves You Money

For hard-working people struggling financially, saving money may not seem feasible or realistic. If you are living paycheck to paycheck, you may not realize the ways you can adjust your current spending to save money for unexpected expenses. By adjusting your spending, you can actually save yourself more money in the future.

For example, money spent on furnace installation and maintenance services, such as regular tune-ups, can help you avoid higher expenses later. By using emergency fund money to pay for furnace maintenance, you can avoid paying costly heating bills, HVAC repairs, or new furnace replacements.

Starting an Emergency Fund

Starting an emergency fund may seem overwhelming, especially if you feel like you are financially strapped. Below are some tips you can follow to begin saving money:

  • Set a target goal for the amount of money you would like to save.
  • Start small and keep your savings’ contributions to an amount that makes you feel comfortable.
  • Gradually increase your contribution so you can meet your goal.
  • Find ways to save money on your bills, such as using coupons when grocery shopping.

A high-yield savings account is a good place to keep your money. Automatically depositing money into your savings account so that you are not tempted to spend it can be most helpful to you.

When You Shouldn’t Use Your Emergency Fund

What are some occasions when you shouldn’t use an emergency fund? Your emergency funds should not be withdrawn and used for leisure costs, such as taking a vacation or planning a party. An emergency is one that affects your livelihood: It is not something you could have planned for, such as your home’s monthly mortgage bill.

General savings should be used for non-emergencies. If you cannot contribute to both accounts, an emergency fund and a general savings account at the same time, begin contributing to the general savings account once your emergency fund reaches a reasonable threshold.

Everyone can prepare for unforeseen life emergencies. Life is stressful enough without having to scramble to pay for a last-minute surprise. After all, having an emergency fund can mean the difference between being financially prepared during an emergency situation or going into debt because of one.

Tags:emergency fundfurnace installationheating billsHVAC repairslive paychecksavings account
tweet
Share on FacebookShare on TwitterShare on LinkedInShare on Email
previous article

4 Famous Landmarks to Visit in Los Angeles

next article

SEO Requirements for Wholesale Suppliers

Leave a reply

Leave a Reply Cancel reply

You must be logged in to post a comment.

You Might Also Like

Home

What are the advantages of using solar power in your home?

Naman SanghaviJanuary 17, 2021January 18, 2021
33
read more
Home

Bidets: How To Use Them In Your Home

Naman SanghaviJanuary 6, 2021
49
read more
Home

What to Look For in Dual Occupancy Homes

Isabella OliverDecember 19, 2020
76
read more
Home

What’s new in modern homes?

Naman SanghaviNovember 23, 2020November 22, 2020
148
read more
load more

Editors’ Picks

Technology

Health

Fashion

Travel

Categories

Top Views

What are the advantages of using solar power in your home?

Do virtual offices work well for start-up companies?

Do the Right Things for Your Healthcare Needs

Instagram Gallery

Configuration error or no pictures...

© Copyright 2020 chartermenow.com

  • Home
  • About Us
  • Privacy Policy
  • Write For Us
  • Contact Us
  • SiteMap