Home Trends from Lou Benis

Lou Benis •

Real Estate Lethbridge

BUILDING AN EMERGENCY FUND It's a good idea to have an emergency fund on hand for those unexpected expenses that pop up from time to time. Aside from peace of mind, having an emergency fund will help you avoid getting into debt and avoiding a loan should you need to pay for an emergency expense. With costs on the rise everywhere setting up an emergency fund sounds daunting, but it is possible. Start gradually, but start now. Put a specific amount of money aside each week - even if it's $10, it's a start. Utilize a savings account that is separate from your typical bank account to help you keep the money segregated and growing. Choose an account that pays interest, allows free withdrawals (or transfers) and has no/low transaction fees. Eventually, you'll want to set aside anywhere from three to six months of your typical monthly expenses, so take a look at how long that will take and what you’ll need to do to make it happen. Set up a re-occurring transfer so you don't forget to put money into your emergency fund. Other ways to save include depositing any money you receive as gifts, tax refunds, work bonuses or garage sale proceeds into your fund. Following a budget, cutting expenses and taking on a part-time job are all ways you can add a bit more to your emergency fund over time.

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