MortgageMe Tip of the Week
HAVE YOU GOT AN EMERGENCY FUND + WHY IT NEEDS TO BE AT THE TOP OF YOUR PRIORITY LIST IF NOT…
Having an emergency fund is a lifesaver. It's your financial safety net when unexpected stuff happens, like unexpected school trips or car troubles. So, stash some cash away – believe me you'll thank yourself later!
In a perfect world, having 3–6mths living expenses saved in your emergency fund would be the ultimate goal—but to get you started— any amount you can afford each week, be it $20, $200 or $2000, get it into an emergency fund AT ANOTHER bank, with no eftpos card and no internet banking. Why? This means the only way you can 'steal' money from it is for emergencies, by the time it makes it to your eftpos account for that sneaky lunch date, you no longer need it so won't bother transferring it.