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How Do I Start an Emergency Fund?

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How Do I Start an Emergency Fund?

Posted On: July 28, 2021 by Bank of Louisiana in: Budgeting, Personal Finance, Savings

No one can predict what the future has in store for us, but we can be better prepared for it. That’s where an emergency fund comes in. Setting aside funds allows you to cover those unexpected expenses such as a costly repair bill, unemployment or medical.  But where to start? Follow these tips to set some goals and start building your emergency fund.  Review Your Monthly Expenses  A great place to start is to take stock of your monthly expenses – whether that’s your rent or mortgage, utility bills, or entertainment such as movie tickets, streaming services, dining out and so on. This will help you determine how much money comes in each month, how much is being spent and how much you can set aside comfortably. There are a variety of tools and apps you can use to keep track of all the expenses.  Set Your Savings Goal  How much would you like to put away each year and what