Tagged With emergency fund

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Maybe you’ve already started to reflect on where 2019 has taken you, and what you want to focus on in 2020. You’re planning a trip, or figuring out how to get back to the gym regularly, or thinking of starting a hobby. But have you thought about your money?

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You’ve worked hard for this, and the day is finally here: You’re getting your first paycheck reflecting the raise you successfully negotiated. But as anyone who’s ever received a windfall can tell you, money has this tendency to disappear on you. One day, you’re looking at your newly flush bank account, the next, you’re looking at the same lowly balance you’re used to. Where did the money go?!

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If saving up three to six months of expenses in an emergency fund feels like advice that’s wise but nearly impossible to achieve, there’s growing evidence that you don’t need quite that much money stashed away to cushion you from financial emergencies. $2,500 may be enough to get you started.

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For months, we’ve been talking about our topsy-turvy economy and what it could mean for your finances if we experience another global recession. And while the sheer occurrence of a recession isn’t anything to get worked up about on its surface, the spectre of the previous GFC is still weighing on a lot of us.

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You’re boarding up the windows. You’re stocking up on water. You’re scooping sandbags. But wait: Do you have cash? If you’re preparing for a cyclone, tropical storm, or other weather event that provides plenty of notice, you should add visiting the bank or ATM to your to-do list.

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If you’ve ever thought about having kids, I’m sure nothing you read and no one you talked to about it promised you it would be cheap. Quick reminder: It costs an estimated $300,000 to raise a child through age 17, according to Finder.

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The current bull market’s longevity has people worried. It all has to end some time, and some economists are predicting a recession by the end of 2020. Assuming that holds true, that gives you around two years to get your finances in order. What should you be prioritising?

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Life is full of emergencies, big and small. Emergency funds are meant to protect us financially in these events, but we don't always have enough to cover them or perhaps we didn't foresee a money-draining event happening to us. What event surprised you that cost you a lot?