Engaging in self-care routines for your physical, mental and emotional health can lead to long-term benefits like reducing stress, eliminating anxiety and increasing happiness. Consider practicing self-care for your finances too – for instance, set up emergency savings to protect you, and those you care about, from a financial setback, such as job loss, medical care or car/home repairs. Getting started begins with doing the math.
Ideally, your goal should be to have three to six months’ worth of expenses saved in your emergency fund. If you are spending $2,000 on expenses each month, that means three months’ worth of expenses is $6,000. To calculate how long it will take you to get to your goal, divide $6,000 by the dollar amount you are able to contribute to emergency savings each month. The sum is the total number of months it will take you to get there.
Committing yourself to an emergency savings fund now is setting your future self-up for financial success. Should you encounter a financial setback, you’ll feel prepared and glad you took the initiative now. Now go show your emergency savings some love!
Open an emergency fund with our partner BCU, today!
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