Emergencies happen daily, and it is important to be prepared for life’s unexpected events. Now that you’ve learned different ways to stop living from paycheck-to-paycheck, it’s time to learn about how you can plan ahead for financial emergencies. Remember, an emergency fund is not for extras or wants. It is just there for when you need it the most. Instead of assigning a specific dollar amount to what is an appropriate emergency fund, it is best to see what fits you and your lifestyle. The most basic way to plan your emergency fund is to aim to have three to six months of living expenses tucked away into a savings account. This can help cover you during medical emergencies, the loss of a job or even unexpected repairs.
So, how do you build an emergency fund?
Automatic Draft –If your money is out of sight and out of mind, will you really miss it? Pull away small increments automatically into separate savings accounts to add to your emergency fund over time.
Set Goals – Write out a savings plan that works within your budget. Set goals and challenge yourself to beat them each month. The more you save, the better you’ll feel!
Bump it Up – Raising your plan by even $20 a month can add up over time. Once you’re adjusted to not seeing this money, you won’t even notice the small increase!
Coupons Galore – If you’re not using coupons, now is the time to start. Before you head out to the grocery store, look to see if coupons are available on the purchases you normally buy. Set aside your savings into your emergency fund, and you won’t even notice the difference!
Let Us Help – If you need cash fast and do not have an emergency fund, TitleMax
™ is here to help. TitleMax® not only offers a simple way to get the money you need when you need it, but we also pride ourselves on providing excellent customer service and a very easy process. With over 1,100 convenient locations, getting cash is simple with TitleMax®! The process only takes about 30 minutes. And the best part is you get to keep driving your vehicle when you get a TitleMax® title secured loan or pawn.