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How to create a financial safety net
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[QUOTE="Yusra3, post: 285786, member: 31907"] Creating a financial safety net is an important step in your life. You should be prepared for unexpected expenses, and know how to handle them when they happen. Create an emergency fund: This is money saved up for emergencies like car repairs, job loss, and medical expenses. It doesn't have to be huge. just enough to get you through until you find more stable employment or are able to afford the repair or replacement that's needed. Keep track of your expenses: If you're not sure what it costs you each month, there's no way you can budget for unexpected bills. Make a list of everything that comes out of your pocket each month, including travel costs like gas or train tickets, entertainment costs like movies or concerts, and groceries. Then add up all those numbers and put them into a spreadsheet so that at least some of these expenses are accounted for before anything else happens! Set aside fixed amounts of money for certain needs: If you have a set amount set aside every month for car repairs or college tuition payments, then even if something unexpected comes up (like car trouble), you'll still have enough savings to keep going until things get better again. [/QUOTE]
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