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Building an emergency fund
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How much does the average person save on car insurance by shopping around?


Car insurance is a highly competitive business, and it’s worth asking around to see if you can get a better rate. The average savings of 32 percent comes out to $300 a year in savings.

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True or false: You should only start saving toward an emergency fund if you've paid off all debt.


If your interest rates are manageable, there’s nothing wrong with paying down debt and saving at the same time. However, If your debt carries high interest rates, it usually makes more sense to pay it off before you start saving.

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Key Takeaways

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  • Take the first step toward an emergency fund by doing something simple, like committing even just a small amount toward it each month
  • Remember that creating an emergency fund is as much about cutting spending as saving money
  • Start with a small, attainable savings goal so you can create some momentum
  • If you don’t have an immediate need for the money, stash away windfalls of cash—like tax refunds—toward your goal.