To obtain financial security, you must first have financial stability; This is achieved with an emergency fund, which I call saving primary. This pot of savings, as its name indicates, is used for emergencies and put it in quotes because many think that buy a new iPhone 3 G, or a vacation due to excess stress to Aruba are emergencies; as our friend J.D. from Get Rich Slowly says, there are people who have shown cases of emergency or financial trouble. I particularly have seen other cases, as for example during the national strike of 2002-2003, needed to buy a new battery for my car and took my Emergency Fund. There is much discussion about the size of this Fund, some say that they should be of a salary, others say 1000 dollars, others say that it should be three salaries, to pay mortgage, insurance, fee, truck, etc. There are others more radical and they argue that one does not need a Fund of primary savings for emergencies, but I think that it is very extremist. In my opinion many people not even has thought of this emergency fund and would be very difficult to save a day for another three months of salary for emergencies; my methodology is as follows: emergency fund should reach to repair something (a fridge, car, a door) or to pay a medical emergency (fractures, accidents), or any relative (food, loss of a loved one).-If we give this sense to the Fund, a salary saved in a bank would be enough, and we can create this Fund saving three months to have the emergency fund-from the fourth monthcontinue devoting a small portion of our salary to this Fund, in my case is 5%, which it is monthly pass to my Emergency Fund.-must place this Fund of emergency into a separate account, to avoid temptations, and also recommend you ask the account without debit card.
If you would like to start this Fund? First of all, should pay all the debts of your month (auto, mortgage, school, services) and then pull out a bit of your superfluous expenses (idas movies, dinners with friends, games rentals, gym membership). If your think you have all your salary spent at the beginning of the month, think again!, well check your finances and see that there is money that you can have for the primary savings. If it is still impossible, you can have as an option opening a line of credit with your bank’s confidence, telling him how much sincerity that is for an emergency fund you can print this article and take it so they know what it is. Now, a month, three months, $ 100, in reality, the beginning of the emergency fund depends only on you, and you are the best person to know with how much you can start without seriously affecting your personal finances. In summary: Creates the Emergenciaque Fund will serve as primary savings source.Open a savings account that is not easy to access without card of debit and put the money there.
Start saving money as you can of your wasteful spending until to have a month’s salary. Starting at There, it begins to deposit 5% of your monthly salary in this Fund.Enjoy the first phase of your financial security. This just it is starting, we still a long way to go. Having us willingness and tenacity, and I wish that everyone can achieve the financial security that we deserve.