Build an emergency fund for unexpected expenses from "summary" of The 7 Most Important Money Decisions You'll Ever Make by Mary Claire Allvine,Christine Larson
Having an emergency fund for unexpected expenses is crucial in ensuring financial stability. Life is full of surprises, and having money set aside for emergencies can provide a sense of security and peace of mind. Emergencies can come in many forms - from medical expenses to car repairs to sudden job loss. Without a financial cushion, individuals may find themselves in a difficult situation, having to rely on high-interest credit cards or loans to cover unexpected costs. Building an emergency fund takes time and discipline. It is recommended to have at least three to six months' worth of living expenses saved in an easily accessible account. This fund should be separate from regular savings or investment accounts and should only be used for true emergencies. By setting aside a portion of income each month, individuals can gradually build up their emergency fund over time....
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