Some of life’s most exciting and scariest moments come from surprises we never see coming. An unexpected expense – hospital bills, losing your job, etc. – can seriously impact your financial well-being and the Future You.
That’s why this week’s Amanda’s Feed features tools and information to help you build a sturdy financial plan that protects you from unforeseen circumstances. Setting up an emergency fund, stepping up your budgeting skills and giving up on bad financial habits are all crucial steps to avoid an unexpected financial disaster.
How have you bounced back from unexpected hits to your finances? Tweet your experience and advice to @MadNerdist, and be sure to check out next installment of Amanda’s Feed!
It’s easy to make excuses not to save money for a rainy day or emergency fund. Maybe you feel like you’re buried in too much debt, don’t make enough money or saving for retirement is hard enough! But according to this WiseBread article, you are never too young, old, poor or rich to stash away some extra money to prepare for life’s unpredictable twists and turns.
According to this BankRate study, 43 percent of respondents were forced to reevaluate their financial plans due to an unexpected expense. While you can’t predict the future, you can prepare for all the uncertainties it will bring. Should you dip into your savings, take out a loan, tighten your budget or utilize your credit? Check out this survey to find out what method is best for you.
Have you mastered your savings like a finance ninja and feel ready to take a break? Not so fast! This Lifehacker article suggests that in addition to an emergency fund, you should have a “Life Happens” fund for expenses that don’t necessarily qualify as emergencies, such as routine healthcare costs, car repairs or veterinary bills. That way, you avoid depleting your emergency stash and have the reassurance that you are covered for any minor snags.
Maintaining an up-to-date budget can be confusing and daunting, which is why Sweep was invented to make the process smoother and easier! The app allows you to automate your bills and create different savings buckets for things like a “Life Happens” and emergency fund. Download it here for free!