25 Money Management Tips for Young People
7. Create an Emergency Fund
One of the biggest savings needs that young people need to start is an emergency fund. In the event an emergency situation arises, it will likely do so very quickly, and may not be a case that is covered by insurance. These matters can range from having to get unplanned car repairs in order to make it to work to having to travel for a funeral. The emergency fund should be placed at the top of budget priorities for all young people. A good goal for contributions to the budget is to place 10% of one’s pay into the fund until the desired amount is saved up. Another trick is to put a portion of any bonus money or unplanned income received into the fund.
