Better Money Management for Better Health: Building Your Emergency Savings Account

Written By Alana Karran One of the most important aspects of financial health is creating and maintaining personal savings. An emergency fund is designed to help you maintain a normal life when something unexpected happens, like losing your job, auto repairs, or a sudden health issue. According to financial experts, the emergency fund should cover three to six months of your total monthly living expenses. This may seem like a daunting task, yet it can be achieved over time, with small, incremental steps and a creative approach to increasing your savings. Commit to Specific Savings Goals The first step toward creating your emergency savings fund is to identify specific goals with assigned deadlines. While it may take time to build savings totaling three to six months of living expenses, begin with that goal in mind. For example, if your monthly