6. Emergency Preparedness:
Emergency Fund: Establish an emergency fund for unexpected expenses
Insurance: Learn about different types of insurance and their importance
Financial Resilience: Prepare for financial setbacks and crises.
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Financial literacy is a crucial life skill Equip yourself with these six money lessons you need to learn before turning 18:
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Similar ideas to 6. Emergency Preparedness:
Create an Emergency Fund
You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.
Common financial emergencies include job loss, natural disasters and car, house and health issues.
Create an Emergency Fund
Create an emergency fund to avoid the need to turn to debt.
Think about what makes sense for your financial situation.
Building a budget
- The traditional budget starts with tracking expenses, getting rid of debt, and then building an emergency fund.
- But you can speed up the process by building a partial emergency fund. It will act as a buffer to replace the use of a credit card for e...
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