Most Financial Planners recommend setting aside a separate cash reserve to cover expenses for emergencies such as a leaky roof, broken furnace, medical expense not covered by insurance or a job loss. Not sure where and how to start your emergency fund? Here are 3 steps to consider when setting up your fund:
Step 1: How much to save?
For single individuals and dual income married couples with no children, you need a fund equal to 3-6 months worth of expenses. For all other married couples the amount should be increased to 6-12 months of expenses. All your current monthly …Read More