Life happens, but you can be prepared for the unexpected with an emergency savings fund. These funds are designed to be set aside for unanticipated expenses, such as:
Emergency funds serve as an important financial buffer in the event of an emergency, and itâs easy to get started with this savings task. In this monthâs financial checklist, weâre going to focus on tasks that will help you build an emergency savings fund.
Â June Financial Checklist: Emergency Savings
Let’s look at ways you can boost your savings, build your emergency fund, and keep your finances on track as we enter the second half of the year.
Set a goal savings amount that is moderately challenging but attainable.
Example: If you make $3,200 per month after taxes, youâll want to have $9,600 to $19,200 in your emergency fund.
2. Pick where to save your emergency fund
Consider emergency savings as untouchable for expenses that are just wants â keep this money here for when you really need it.
To help resist the temptation of spending these savings, put your emergency fund in the right place:
Sometimes thereâs not a one-size fits all solution. Consider putting emergency funds away in more than one of the above options.Â
3. Set Up Automatic Contributions
4. Pad your emergency savings
5. Review and adjust your contributions monthly
Prefer to organize online? Create an editable copy of our June monthly template in three simple steps:
Our finance tips can help you throughout the year so be sure to take a look! Improve your finances in 2020 with our series of financial to-do lists tailored to each calendar month.
The post June Financial To-Do List + Calendar appeared first on MintLife Blog.