One of the best things I ever did to help me get out of debt and start building a better financial future for myself was to create an Emergency Fund.
Set up a special bank account and every week/month add some money to it. Many people who recommend emergency funds (such as Dave Ramsey) advise putting aside £1000.
However, anything you have put aside is a bonus. So don't think "I can't put £1000 away right now" because you'll never get there. Just start putting away a little every week.
Example
I was in debt and obviously my priority was clearing the debt, but I knew I needed my emergency fun because then I had something to fall back on instead of having to go further into debt. So I simply started saving just £5 into my emergency fund each and every week.
Mindset: Having the emergency fund in place really helped me to feel positive about money even when I was still in debt,
Let's carry on this conversation below in the comments.
Wendy
No comments:
Post a Comment