Banking, Budgets and Emergency Funds! We know theyāre probably some of your least favourite words but when it comes to your finances, theyāre probably some of the most important. Ā Without understanding the products that youāre using, your money in/money out picture and having an emergency fund for lifeās unexpected curveballs, youāre putting yourself in a position where your money (or lack of) controls you.
In this episode, we break down some of the key things you should look for in your common banking products, how to start putting together your budget and why an emergency fund is an essential step towards building a sound financial future!
Why is an emergency fund important?
- Youāll get wiped out if you stop earning
- Helps you stay afloat when unforeseen situations happen (without going into debt)
- Helps you to avoid selling assets at a bad time to get the money you require
- Gives you peace of mind and freedom to get out of a bad situation
