2. Start an Emergency Fund
While you’re busy paying down your debt, don’t forget what you should be building up: emergency savings. To help accomplish this goal, Taylor suggests setting up a direct deposit from your paycheck into a high-yield savings account, so you aren’t tempted to spend that money before you can save it.
Ideally, you should aim to have six times your take-home pay saved up in your emergency fund. But if that figure seems too lofty a goal, your number-one priority is to save one month’s worth of income. (We hereby give you permission to focus on this goal even before working toward others, like paying more than the minimum on your credit card bill.) Then graduate to a goal of three months’ worth of pay—and build up from there.
2. Start an Emergency FundWhile you’re busy paying down your debt, don’t forget what you should be building up: emergency savings. To help accomplish this goal, Taylor suggests setting up a direct deposit from your paycheck into a high-yield savings account, so you aren’t tempted to spend that money before you can save it.Ideally, you should aim to have six times your take-home pay saved up in your emergency fund. But if that figure seems too lofty a goal, your number-one priority is to save one month’s worth of income. (We hereby give you permission to focus on this goal even before working toward others, like paying more than the minimum on your credit card bill.) Then graduate to a goal of three months’ worth of pay—and build up from there.
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