Emergency fund: something easier said that done. We all know that we need to have at least six months to a year’s worth of salary saved up in the savings kitty, should the unexpected like a job loss or illness happen. No matter how important we know a healthy savings balance is for the welfare of our family, many tend to avoid this requirement simply because they either think they will never need it, or just because they think they cannot possibly afford to save.
But the emergency fund is more than just savings, it’s a safety net to catch you when you fall. When you don’t have a safety net and you are falling, those are the times you reach out and grab a payday loan. When you need quick cash to deal with problems, a payday loan is really your only choice… unless you have an emergency fund!
Here are 5 easy tips to help you build that fund. With a secure safety net, you will never need to rely on a payday loan. (more…)