Emergency Cash Stash
Whether you’re aiming for $1,000 or six-month equivalent of your monthly spending, building your emergency fund today is a very important step in securing your financial future.
First, you need to decide where to keep it. You can have it stashed in your purse or have it deposited into one of your banks. The latter choice is more preferable as it is more secured. Your purse could get lost or stolen, along with the money you worked hard to save for.
Second, you can opt to automate transfers into your bank. This will give you a sense of mandatory savings and not let you skip when you feel like it. It is also possible to keep paying off your debts, say online loans, as you save. This may be tough, but it will help you get over your debts and increase savings at the same time.
It also helps to know that you can depend on other fund sources in case your emergency fund fails you. Online loans will help you fill in the gap if you’re fund is not enough to cover big-ticket expenses or if you’ve just wiped out your emergency savings and now you’re faced with another crisis.
Online loans are very helpful tools in various financial circumstances. It gives you some sort of cushion even if you’re still in the process of building your emergency fund. You can use online loans for various expenses like home and car repairs, education and health concerns.
As these are short-term loans, you should strive to pay online loans at the shortest possible time to keep the interests from increasing. But do remember that building an emergency fund and keeping it secure yet accessible is the primary concern. It’s just comforting to know that there are the likes of online loans to help you out while going through the building process.