Whether you’re single, married, new to the workforce, or near retirement, it’s important to have a good handle on your money. Here are six personal finance tips you should always make sure to follow.
1. Always have emergency savings on hand
You never know when you might lose your job, fall ill, or encounter a situation where you’re unable to work. If you don’t have savings, you run the risk of taking on debt or getting into major financial trouble when the unexpected hits. That’s why you should always have an emergency fund with anywhere from three to six months’ worth of living expenses.
Furthermore, you should keep that money in a safe place like a savings account so that it’s available to you on a moment’s notice. If you don’t have an emergency fund already, building one should take priority over all other financial goals, including retirement or a down payment on a home.
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