Life happens, doesn’t it? Just when you start to make some momentum in life or finances — the brakes on your car go out, there’s a medical situation or your roof starts to leak. That’s murphy’s Law for you…
In today’s episode of Your Money Minute, I want to talk about building an emergency savings plan for the college grad or new professional. Now that you’re starting to make a little bit of money, you’ll no doubt discover that it can just as easily leave your bank account as quickly as it went in. Developing an emergency savings plan will help you bend — not break — when the unexpected happens.
I suggest you start by saving at least six months worth of expenses in a savings or money market account. The key is that it’s “liquid” — because if it’s an emergency, you’ll want to get to that money right away.
Subscribe to my YouTube channel to get the latest episodes of Your Money Minute, where I share practical tips on making the most of your money and life.Building an emergency savings plan for college graduates – Your Money Minute #27