Where The Money Reside: 10 Financial Strategies For The New Year

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Emergency Fund

In 2021, don’t live with regret. No, we’re not talking about telling the guy you’ve been dating how you really feel. That’s great too, but let’s stay focused on the subject at hand: your money. Murphy’s law states that what can go wrong will go wrong. For example, as soon as you pay off your car, something starts leaking or breaking down. So be prepared and make sure you establish an emergency savings fund. According to Nerd Wallet, you should make it a point to save at least $500. If you think you’ll be tempted to dip into your emergency fund, look into online, high-yielding savings accounts. Many online banks take a few days to get you your money, and hopefully, the delay in instant gratification will give you time to sit down, recognize you don’t need those shoes or new bags, and look to see what you have in your closet. Remember, you don’t have to stop once you reach your $500 goal. Keep it going, sis!