The best time to prepare for a financial emergency, of course, is well in advance. If you wait until your car dies, or your roof springs a leak, or your air conditioning unit fails in the middle of August...you could find yourself scrambling to be able to find the needed funds.
You'll want to start making a list of all of your expenses - rent or mortgage, car payment, insurance, utilities, grocery bill, cable, gym membership, transportation costs including gasoline or bus fare. If you find ,even this, too daunting a task, you can simply multiply your present monthly take home pay times six. That number is your minimum money cushion.
Got this take home income number or your expense list ready? Good.
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