Don’t Forget the Little Things When Saving Money for an Emergency Fund
While general rules for emergency funds are being debated , most people agree that having at least one of them is a good idea. While you are deciding how much money to invest in yours, make sure you factor in all of your small, important expenses, not just the big ones.
It’s easy to add your rent, utilities, and other bills, but your living expenses are much more. MoneyNing’s Connie May recommends thinking about all the smaller and more passive expenses as well. How much do you need for shipping costs? How much do you usually spend on groceries? How about laundry and dry cleaning? Cutting costs is a good idea when you need to start saving up, but there are many small expenses that you cannot cut, so keep them in mind when you start building your emergency fund.
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