We have just two days left to complete the money managing rituals. I sincerely hope all of you would have without fail followed the steps. On the sixth day we are going to turn our attention towards emergency fund.
It is quite important to have an emergency fund set up, as you never know what emergency situation might encounter you. When we face such situations, it is not only embarrassing to seek favours from various sources, but it is also quite dangerous not to cat quickly due to lack of money.
Hence by all means once should try and save for those rainy days. Make sure you allot at least 10% of your take home pay towards emergency fund. You cannot compromise on this one. If you could add more to the fund, the better. But if you have more debt piling up, try to clear that off first by paying more debt payments and allotting only a small portion towards emergency fund. Once the debt comes down considerably, you could put more money to the emergency fund.
If you have been doing this much so far without any interruptions, then i assure you that your financial success is guaranteed if you follow the same path throughout.
