For the Love of Everything, Please Keep 3-6 Months Worth of Money for an Emergency Fund (If You Can)
For the Love of Everything, Please Keep 3-6 Months Worth of Money for an Emergency Fund (If You Can)
I left my job about two months ago, and I applied for unemployment immediately. I got a new job today, but I STILL haven't gotten my unemployment decision. Additionally, my food stamp application was delayed due to personal circumstances. In short, had I not had money saved for an emergency, I would have been mega-screwed.
I know some people are not in a position where they have the luxury of storing away significant amounts of cash but, if you are, I beg of you to do so if you aren't already. I can't imagine what position I'd be in right now if not for my budgeting.
Thanks for coming to my TED Talk.
PS. I posted this here instead of in c/finance because the sidebar there specifies that it's supposed to be for finance-related news.
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One tip I heard when I first got a job is if you go shopping and pay with a debit card, don't be afraid to get $10-20 cash back just to throw in a rainy day fund. Granted the person that told me this used it to hide money from her husband but the point still stands.
Always keep emergency/rainy day money because you never know when you'll need it