Create an Emergency Fund - Deepstash
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Create an Emergency Fund

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.

3.71K

16.2K reads

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Communicate With Your Partner

Communicate With Your Partner

Talking about your financial goals, and scheduling time once a month to go over your finances together can prevent money from affecting your relationship.

3.38K

23.4K reads

Good Debt Good, Bad Debt Bad

Good Debt Good, Bad Debt Bad

Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.

Examples of good debt:

3.53K

13.8K reads

Invest on Your Savings First

Invest on Your Savings First

Act as if your savings account is a bill to pay, so you’re less likely to spend it. Automate savings transfers if possible.

3.54K

16.1K reads

Learn to Budget

Learn to Budget

Create a plan for your money so you know where it's going every month.

A popular and effective way to budget is with the 50/30/20 rule, where 50% of your income goes towards necessities (bills, food, housing, etc.), 20% of your income goes towards savings a...

4.23K

14.2K reads

Credit Card's Danger

Credit Card's Danger

Credit card usage can lead to debt and the debt grows itself while unpaid. However, used responsibly, it's a good way to start building credit. 

Most credit cards also have other benefits, such as rewards points, cash back, or travel points. But if you're incapable of payin...

3.22K

12.4K reads

Side Hustle to Make More Money

Side Hustle to Make More Money

You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day. 

4.14K

40.9K reads

Know Your Net Worth

Know Your Net Worth

Net worth is what would be left if you were to sell everything you own and pay what you owe. If you have a positive net worth, continue working to increase your net worth, but if you have a negative net worth, analyze your budget and plan how to increase it.

Make su...

3.59K

17K reads

Spend Less Than You Earn

Spend Less Than You Earn

In order to do this, you need to track your spending by either writing your purchases down or using a free personal finance app.

3.39K

16.4K reads

Set Financial Goals

Set Financial Goals

A clear set of goals can keep you motivated and help you plan to reach it faster.

Have different goals for what you want to achieve in the next 3-months, 1 year and 5 years. This way you'll have some short and long-term goals to look forward too.

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12K reads

Break Down Your Income & Expenses

Break Down Your Income & Expenses

Take note of all your expenses, subtract them from your income and find out how much you have left per day, so you have a better idea how long it will take to reach your goals.

This will help you see how far purchases are going to set you back and affect yo...

3.45K

11.5K reads

Start Investing

Start Investing

You should have a savings account, but your money is depreciating if that’s your only investment - average savings don’t yield more than inflation.

Real estate, peer-to-peer lending, exchange traded funds (etfs) and stocks are examples of common investments. Cryptoc...

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22.4K reads

Take Action Today

Take Action Today

Get to working on improving your finances today, not tomorrow. Reading the steps and thinking you’re capable of doing it but postponing it is just an excuse, an unprofitable one.

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27.2K reads

CURATED FROM

CURATED BY

ang_

"There's no money in poetry, but then there's no poetry in money, either." ~ Robert Graves

These are pretty basic but we would all be far ahead financially if we did a few of them.

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7. Building an Emergency Fund

7. Building an Emergency Fund

63% of Americans cannot afford a $500 emergency.

That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.

Do your future self a favor and save 3 to 6 months' worth of living expenses.

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.

Define what your emergency fund is

Define what your emergency fund is

Your first step is to figure out what counts as a true emergency. 

Not all emergencies can be predicted, but many can. Car repairs, medical expenses, higher-than-normal bills. Even having a list of things that you can and cannot spend an emergency fund on can help you stay on track a...

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