
Managing your finances and knowing how to make your money go further is crucial, but you never know what’s just around the corner. If you’re struggling to stretch your income to the end of the month and you’re hit with an unprecedented expense like a broken boiler, or an urgent car repair, you may be left wondering how you’re going to pay for it. Thankfully, there are options available to help like same day payday loans so you can have access to cash when you need it - which is particularly helpful if you don’t have an emergency fund.
Creating a pot of cash you can use to cover unprecedented expenses in the future is ideal, and means you can handle what life throws at you without having to worry. Here’s how to create your very own emergency fund for the future.
Think about your income and your primary expenses. With the money that you have left over from your income each month, make sure you add an amount to your savings. It doesn’t have to be a huge amount, a small amount is better than nothing and we all have to start somewhere! Thinking about how much you’d like to save, and how much you can afford to save will help you get the ball rolling.
Creating a pot of cash you can use to cover unprecedented expenses in the future is ideal, and means you can handle what life throws at you without having to worry. Here’s how to create your very own emergency fund for the future.
Think about how much you need
If you’re just starting to save, think about how much you’d like to reach as a minimum amount. Generally, it’s said that when saving for an emergency, you should have at least 3 to 6 months' worth of living expenses saved up. This is going to seem like a huge amount, but don’t be put off. All you need to do is come up with a figure that you can afford to save each month and put your plan into action.Think about your income and your primary expenses. With the money that you have left over from your income each month, make sure you add an amount to your savings. It doesn’t have to be a huge amount, a small amount is better than nothing and we all have to start somewhere! Thinking about how much you’d like to save, and how much you can afford to save will help you get the ball rolling.