Steps To Building An Emergency Fund In Amidst Of Today's Economic Crisis

694 words - 3 pages

Have you ever heard the phrase “Money is the root of all evil”? Sounds scary, huh? However, contrary to the beliefs of this quote, we all need money; it is our ticket to survive. Our country’s economic status and the constant surge in unemployment leaves numerous Americans deprived of money. Homes, jobs, incomes and perspectives are being lost, leaving many hopeless and discouraged. Mental agonies over finances, food, bills, and other necessities needed to sustain on a daily basis is becoming the new “norm” for families. But, if a plan was put in place, it could make situations like these a little better to deal with. This is the opportunity to set and build up an emergency or savings fund ...view middle of the document...

This is where a budget is created. It is easier said than done, but managing money is the most crucial step to saving. This part is troublesome for countless people mainly because it takes discipline and self-control, and is the most demanding component to saving money. Nevertheless, budgeting helps attain financial goals and objectives by keeping track of money is spent. Every time you are paid, split your paycheck amongst the importance of expenses. Number one rule; pay yourself first. This is usually 10%. Put 50% towards household expenses and 10% towards entertainment (not having some type of fun or enjoyment makes you very dull). As stated before, you can adjust these figures in accordance to needs; investments, education, gas, church, etc.,. Also, note that you are not committed to one type of budget, and can change it as you see fit. By saving receipts and tracking where your money is going, helps to regulate needless spending. Remember, every time you take on new debt, you create a new liability.

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