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Saving & Budgeting
Saving for what's ahead
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According to some experts, you should have savings equal to your living expenses for how long?

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A lot of people recommend saving enough to cover you for two to six months.

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What is the definition of the "time value" of money?

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The “time value” of money is how much it could be worth if you let it sit and gather interest.

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Key Takeaways

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If you take your time, plan well and make sure you’re thinking long-term, you could make your money go further and be ready for just about anything.

  • Start planning and saving as soon as you can
  • When you first start saving, consider making an emergency fund your priority, aiming for enough savings to cover 3-6 months of expenses
  • Plan out what you need to save out of every paycheck
  • You can started on saving by committing just 1% of every paycheck
  • Look for ways to save on everyday expenses
  • See if you can find places to reduce your expenses so you can save more
  • If you bank online, setting up automatic bill pay will help avoid any unnecessary late fees
  • Consider setting up an automatic transfer from your checking to your savings account