An emergency fund is a critical part of any financial plan. Budgets and savings goals fall by the wayside if you don’t have money set aside for an unexpected expense, whether it’s a surprise car repair, a doctor’s bill or sudden unemployment.
According to a recent CNBC and SurveyMonkey Quarterly Money Survey, 63% of Americans say they are living paycheck to paycheck. Half of those surveyed said just a one-week delay in pay would cause a major financial hardship.
Creating a safety net can seem impossible when you’re barely able to cover your expenses, but that’s when you need one the most. The key to building an emergency fund when you’re living paycheck to paycheck is starting small.
Building an emergency fund on a tight budget
Struggling…