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Emergencies can come at any time and in many different forms and can happen to any of us. Sometimes they are in the form of a wildfire, like the one Colorado has been battling for the past few weeks. Other times they can come in the form of a health emergency. The important thing is to have money saved up so that you and your family can survive an emergency without having problems. Living paycheck to paycheck never works because the modern world is full of natural and man made disasters that can alter your life considerably. Below we will give you a few tips to save for an emergency.
How to Save
Saving money every month is necessary so that you can have an emergency fund. When you calculate your expenses, try to leave out at least a certain amount every month that you can set aside for the emergencies only. Mentally setting aside a certain amount of money every single month is a great way to save money because you will force yourself to do it. People who try to save whatever is left over never end up doing as well as those who immediately take a portion out for emergencies.
Also, don’t be quick to call something an emergency if it isn’t. One problem that many people have is that they consider silly things to be emergencies. Buying a new leather couch or television is not an emergency even if the Super Bowl is coming on! Save the money for a real emergency and you will be better off.
Avoiding Debt
The enemy of saving money has always been debt. Although it can seem harmless at first, debt can really harm your finances in a way you never expected. Even though you only borrow a little bit, pretty soon you will find yourself paying more interest than principal. Many people pay double, triple, or even more because of the interest payments from online payday loans.
The worst types of debt are those with high interest rates. Credit cards are a big problem, but the real enemies of saving for emergencies are payday loans. If you find yourself with these types of loans, get payday loan debt help immediately. There are people who can get you a real payday loan settlement so that you can get back to saving money for your family. After all, that is the most important thing that you can do for the future of your family.
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This is great...I think there are many young people who do not know how to save at all
Most only know how to spend money or get into debt. But a lot of kids perhaps weren't taught the value of saving money as well?
I have a rainy day account which I connected to my bank account. I little goes in, a little comes out but otherwise its there for emergencies. Good advice!
We always try to discipline ourselves and save money for an emergency, and we made it. When we needed it, it was there. Very good advice
I was raised to save and never buy something unless you had to have it.
Saving money as a family man may presents problems, that a single man may not encounter, but if you really have discipline, nobody can advise you otherwise. Great article.
That is very true. I know as a single father it was easier to save as opposed to having a larger family. Thank you Al.
Great advise! Although during these tough economic times saving can be a challenge, as you pointed out putting aside a certain amount and not whats left over is the key no matter what amount large or small. Great article! Thanks!
Thanks Carol, your right its so easy to spend and over extend your self. But if you discipline yourself and save what you can you will be better off in the long run. Imagine not having enough money to retire? Millions of Americans don't have enough to live on when want to retire and end up working so hard when they should be enjoying the fruits of their labor.
This is great advice. A person has to have self discipline.. Many of us don't.
I was guilty of that too Clark, if you don't save for the future it will be very bleak.
Too true. Saving for an emergency needs to come from the front end of your income by plan and practice. Actually, that practice part is why donating your first 10% makes your money go farther. You learn how to execute your plan and in that very learning process you discover ways to make each expenditure more carefully and thoughtfully. Doing so tends to stretch your spending power. Great article by the way! When your interest payments grow to include something as high a rate as payday loans, to get payday loan debt help is probably the only way to get out of debt, whether by a real payday loan settlement or by getting more income sources (or both:).
The point, which most people don't do, is making a plan and then sticking too it.
Emergency savings is really important, unfortunately a lot of people have no reserves.
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