I am modifying my 2013 financial goals to include Emergency Savings as the first priority due to the shaky nature of the current employment situation.
As an initial goal, the Emergency Savings should be at $6,000. After meeting the initial Emergency Savings goal, I plan to pay down the Chase Sapphire Credit Card, which has the highest APR.
Emergency Savings Goal
$ 6,000
Debt Elimination Goal
$16,000
Putting money to the emergency fund is a really wise financial move. Job market is weak these days and you are right, the employment situation is shaky. If you are employed today and have a source of regular income then there are no guarantees that you will not be fired tomorrow. It’s life an everything may happen, that’s why it’s very important to save savings for a rainy day. When you have money in your emergency fund you feel financially independent because in case an emergency will arise then you will have a need of taking out fast payday loan online or borrowing cash from relatives or friends.
ReplyDeleteI think it’s just appropriate that you secure the health of you and your family by maintaining an emergency fund. It’s scary to not know what might happen, after all. Plus, this is a proof that you’re heading on the right track to being debt free. As you raise your allotment for emergency savings, you’re likely to project financial stability. :]
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