If things in your mahi or life change, do you have an emergency fund?
➜ An emergency fund is a savings account set aside specifically for unexpected expenses. These could be things like unexpected medical bills, job loss, or urgent home fixes like a new hot water cylinder or fixing a leak. Having an emergency fund gives you financial security and peace of mind.
➜ A good rule of thumb is to aim for three months’ worth of expenses saved in an easy to access bank account. This may be overwhelming to think about, but you can start small.
You can use your budget to begin allocating money towards this fund. Whether this is $5 a week or $50, do your future self a favour!
Comment below and share why you have an emergency fund.
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