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Best Ways to Fund your Emergency Account

Do you have an emergency account? Are you keeping this money safe, hoping you never have to use it, but realizing the time could come at some point?

If your emergency account is short on funds, there are steps you can take to make up for this in the months to come. You may be surprised at how quickly you reach your “target number” when you take the right approach.

Here are three of the best strategies for funding your emergency account:

1. Slow and steady. Every month, take a few dollars and add it to your emergency account. This money can come from a variety of sources, such as cash that you save by not eating out.

It may be a slow and steady process, but what matters most is that you are making a move in the right direction.

2. Add big chunks when possible. Did you receive a bonus at work? How about a tax refund? These are the types of things that can put a large amount of money in your pocket, in a short period of time. If you aren’t in position to put all this money in your emergency account, you should at least consider saving some of it.

3. Direct deposit. Are you the type of person who will spend any money you see? If this concerns you, setup a direct deposit with your employer. With this, you can have a portion of your paycheck deposited into your emergency account. Since you never see the money you will never get the urge to spend it.

Some people implement one of these strategies, while others realize they can rely on several. If you don’t currently have enough money in your emergency account, consider the benefits of the strategies above.
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Wednesday, 05 August 2020

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