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Build an emergency fund to prevent future debt from "summary" of Debt Free for Life by David Bach
One of the most important steps you can take to protect yourself from future debt is to establish an emergency fund. This fund acts as a safety net when unexpected expenses arise, such as car repairs, medical bills, or home maintenance. By having money set aside specifically for emergencies, you can avoid having to rely on credit cards or loans to cover these sudden costs. When building your emergency fund, it's crucial to start small and gradually increase the amount over time. Aim to save at least three to six months' worth of living expenses in your fund. This may seem like a daunting task, but by setting achievable savings goals and consistently contributing to your fund, you can steadily grow your financial cushion. To ensure that your emergency fund ...
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