Plan for unexpected expenses from "summary" of Let's Talk Money by Monika Halan
One of the most important aspects of managing your finances is being prepared for unexpected expenses. Life is unpredictable, and you never know when a sudden expense might come your way. It could be a medical emergency, a car breakdown, or even a home repair. These unexpected expenses can throw your budget off track if you're not prepared.
To plan for unexpected expenses, it's essential to have an emergency fund. An emergency fund is a separate account where you set aside money specifically for unforeseen expenses. This fund acts as a safety net, providing you with financial security when you need it the most. Ideally, your emergency fund should cover at least three to six months' worth of living expenses.
Building an emergency fund requires discipline and consistency. You can start by setting aside a small amount of money from each paycheck and gradually increasing the amount over time. Automating your savings can help you stay on track and ensure that you're consistently contributing...
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