Do you have money set aside for a rainy day? Are you prepared for surprise expenses such as car repairs or other major necessary expenses such as education, or even retirement. Do you have the funds to just go on a much needed vacation when you get the chance? If the answer is no, then you should definitely consider setting aside a little nest egg.
Did you know that financial advisors recommend having enough money set aside to cover at least three months of monthly expenses? Your goal should be to set aside as much of your income as you can each year.
Here are some tips to help you grow a financial buffer and save for that rainy day:
If you are borrowing on a credit card it may take a long time to repay your debt, especially if your card carries a high interest rate. Acquiring a personal loan from a bank with a lower interest rate on a payment schedule will allow you to be debt free within a shorter time period and cost you less in the end. Cut up your credit card or reduce the limit to a level you can easily repay within the month.
Setup a Savings Account
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