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Having A Budget For Unexpected Savings In The Potential Future

By Dwight Hernandez

Emergency Funds are considered to be absolutely essential as far as economic security is concerned, because it can provide one with savings that one can easily turn to and rely on when an unexpected emergency arises such as when one is sick and have the burden of coughing up large healthcare bills, or unpredicted home or major car or truck repair.

Anytime you have absolutely no disaster fund, it’s possible to be forced to obtain debt on your charge card that may take several years to repay with interest that could later cost so much more.

Nonetheless by putting an additional thirty to fifty dollars every month in an individual “emergency savings account” one can be secured with what emergency the future might bring. By doing this, it is recommended that one regard the emergency fund as an additional bill, to be punctually paid each month.

You bet, a person can and really should budget and allocate the additional money for an emergency fund, because this is very significant any time one refers to his or her “financial future”. At this point, the goal is to create savings from budgeting your revenue; the emergency savings should ideally add up to at least 90 days of your living expenditures.

I am sure you realize what’s important is that you need to steadily put a certain amount of funds away, and only use it for genuine emergencies.

Not like an investment, the success of one’s long-term personal savings funds does not really count on the amount of return or interests but on placing a fixed amount of money away constantly and slowly but surely so to have fast access to it all the time.

Despite a person’s financial status, the first step in the process of building an unexpected emergency fund is as simple as knowing where your money is presently being consumed or spent.

Once an individual recognizes and determines where your earnings are spent, then it will be easy for you to choose and make a choice where to trim down expenditures. Quite simply, budget.

Budgeting is actually putting or setting aside cash for expected and unexpected future use. It is here that an individual sets up a goal in order to save. Thus set an unexpected emergency fund as your ultimate goal.

I’m going to say to you that checking, savings, money market accounts and “certificates of deposits”, are great places to hold your cash which may be needed on quick notice.

The exact total saved from budgeting can either go to your personal savings goal, emergency fund or both equally. You could use the cash saved from budgeting financial expenses by saving fifty percent of it to your savings account and half of it for emergencies. Using this method, you achieve your goals in personal savings and at the same time put in funds for emergency use. It’s your decision.

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Article Citation
MLA Style Citation:
Hernandez, Dwight "Having A Budget For Unexpected Savings In The Potential Future." Having A Budget For Unexpected Savings In The Potential Future. 25 Aug. 2010. uberarticles.com. 3 Aug 2014 <http://uberarticles.com/business/blogging/having-a-budget-for-unexpected-savings-in-the-potential-future/>.

APA Style Citation:
Hernandez, D (2010, August 25). Having A Budget For Unexpected Savings In The Potential Future. Retrieved August 3, 2014, from http://uberarticles.com/business/blogging/having-a-budget-for-unexpected-savings-in-the-potential-future/

Chicago Style Citation:
Hernandez, Dwight "Having A Budget For Unexpected Savings In The Potential Future" uberarticles.com. http://uberarticles.com/business/blogging/having-a-budget-for-unexpected-savings-in-the-potential-future/


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