Managing your emergency fund
Having an emergency fund can prove life-saving when you are in desperate need of money. However, before starting to use the money, make sure the situation really requires the measure.
For instance, try spending the money on situations that occur totally unexpectedly rather than on events that happen on a regular basis.
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Patiently manage your emergency fund
Whenever you have the impression that you should use your emergency fund, ask yourself if the situation really is urgent. If the answer is Yes, there is no time to waste.
However, take time and be patient in managing different situations as, if there is no need to spend the money, t...
Consider the size of your emergency fund
Calculate the minimum amount you could survive on if things got tight, then multiply that amount by three. That is your starting goal for your emergency fund.
Eventually you'll want to save enough to live on for three to six months if you had to.
Change your focus when saving money
Whenever you try to save money, try focusing on the process itself rather than the final goal. For instance, telling yourself that this is a temporary situation might prove extremely useful and help the time pass faster.
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