Not everyone is prepared for the unexpected. Says Black Enterprise:
Common wisdom says to build an emergency fund during the recovery period, but the truth of the matter is that many Americans are trying to get above water or at the very least maintain their current status. So, for those who aren’t quite in a place where they can save the recommended six months to a years worth of savings, here are some common sense tips on how to start an emergency fund:
1. Think Big in Life, Think Reasonable in Savings:Make a long-term savings goal and break that up into chunks. If the goal is to have a million in the bank by the time you’re 60, do the math and figure out how much it will take to get there.
For more on how to get your emergency fund started, click through to BlackEnterprise.com.