Save for emergencies from "summary" of The Automatic Millionaire, Expanded and Updated by David Bach
Having money saved for emergencies is a critical component of financial security. Emergencies can happen at any time - a sudden illness, a car breaking down, a job loss - and having a financial cushion can provide peace of mind and prevent a crisis from turning into a disaster.
When unexpected expenses arise, many people turn to credit cards or loans to cover the costs. This can lead to high interest payments and a cycle of debt that is difficult to break. By saving for emergencies, you can avoid going into debt and instead use your own money to handle unexpected expenses.
The goal is to have enough saved to cover three to six months' worth of living expenses. This may seem like a daunting task, but by setting aside a small amount of money each month, you can gradually build up your emergency fund over time. Automating your savings can make this process easier - by setting up automatic transfers from your checking account to your savings account, you can ensure that you are consistently putting money aside without having to think about it.
It's importan...
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