Finish saving up for your emergency fund
from The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey
How to Apply This
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Calculate the amount of money that can fund your expenses for 3-6 months.
Multiply your monthly income by six. -
Determine when you expect to complete your emergency fund.
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Decide what period you’re going to save for your emergency fund.
It could be daily, weekly, monthly, etc. -
Decide how much you are willing to save for that fund in your chosen period.
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Use the emergency fund only when a true emergency hits you.
This includes paying medical bills after an accident or illness, losing a job, or when a car that you need to function is damaged.
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