No doubt, everybody knows about the power of money. Even feel it. The money plays a vital role in our life. Without actual money we can predict the life. I think, we see the poverty or poor on the road. They haven’t money to eat a little bit food. They just one buck away from their food need.
By the way, we are discussing about emergency funds
Emergency funds are a kind of money which we use to solve our various financial situation or problems. It may consider as emergency health issue, Object repair, Bill, Fee or more.
Imagine you are earning $10,000 monthly. You are paying for bills, Collage fee, Food and other expenses. Any reason you lost your job. Then how you can manage related expenses as previously.
Then you need a loan. Loan is very painful and stressful. It may drop your daily sleep. Because you have a loan but don’t job. According to report too many America lost their homes due to excessive loan amount interest.
Do you become?
No, Good. Then we should make a strong plan. Means, how we can save extra money to future or emergency use. Therefore, I would like to share some smart tips for you that help to save money.
- Make a monthly budget/Track your expenses
- Save more & spend less
- Avoid irrelevant spending
- First save then spend
- Research to find more saving possibilities
I ensure you will save maximum money with given tips. But remember emergency funds only for emergency not for fun activities.
If you don’t understand the power of emergency funds. Then you can compare the life (High needs and low money).
Conclusion: Emergency funds are necessary for us. But no enough, We have to prefer other savings with reserve funds. Moreover, Investment is big key to attract more money. To go anywhere, First take a useful assistance from any financial advisor.
To get more financial assistance please go through my personal blogs Gadi and Deborah Slade.