![]() ![]() Make it easily accessible: An emergency fund should be easily accessible in case of an emergency. ![]() Make sure to allocate a portion of your income towards your emergency fund every month, and avoid dipping into it for non-emergency expenses. Make it a priority: Setting up an emergency fund should be a priority.This will ensure that you have enough money to cover unexpected expenses, such as medical bills or job loss. A general rule of thumb is to aim for three to six months’ worth of living expenses. Determine your emergency fund target: The first step in setting up an emergency fund is determining your target amount.Here are a few tips from Strench’s book on how to establish an effective emergency fund. An emergency fund is a critical component of financial stability, and Scott Strench’s book “Set for life” provides valuable insights into why and how to set up an emergency fund. ![]()
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