How To Save For A Financial Emergency
Calculate your expenses
One of the first steps you need to do is figure out your monthly expenses. Get out pencil and paper and make a list of all of your financial obligations. Itemize your necessities and must-pays which should include things like your mortgage or rent, car payment, insurance and utilities (everyone will have a different list according to their needs). Other expenses like average grocery and transportation costs should also be calculated. Finally, determine how much you spend on things you could go without like non-grocery meals (eating out for lunch, etc.) and more.