Like most Americans before the economic downturn of 2008, I didn't understand the importance of saving money. It's not like I spent irrationally, but I spent everything I had after rent and bills were paid in full. When you're working, it's easy to take your paycheck for granted, but what happens if said paycheck were to disappear for an extended period? I never realized how important it was to save money, until it was too late.
Now, almost two years later since a steady paycheck, I am constantly telling people about the importance of saving money. Instead of using my potential savings, I had to resort to credit cards, which would eventually be the death of my financial portfolio. Like many Americans, my credit card was my savings account, but one can only sustain on Visa and MasterCard for so long, before hitting rock bottom. The lesson? Save money when times are good, preparing yourself for a sustainable future.
Emergency Cash Bails You Out
With maxed-out credit cards and bills looming overhead, emergency cash was the only realistic way out. In many ways, it was an actual emergency because I lost my job because of a budget-strung state legislature, but this emergency should have been avoided. Emergency cash helped me pay my bills and make ends meet while finding additional opportunities for success. Finding work during the midst of a recession is difficult, but finding legitimate emergency cash is even harder.
Now, after surviving a personal crisis and financial disaster, I’ve created my own emergency fund, known as a high-yield savings account. Learn from my mistakes by depositing a percentage of your paycheck in an emergency cash savings account, which earns interest while the money accrues over time.
Now, almost two years later since a steady paycheck, I am constantly telling people about the importance of saving money. Instead of using my potential savings, I had to resort to credit cards, which would eventually be the death of my financial portfolio. Like many Americans, my credit card was my savings account, but one can only sustain on Visa and MasterCard for so long, before hitting rock bottom. The lesson? Save money when times are good, preparing yourself for a sustainable future.
Emergency Cash Bails You Out
With maxed-out credit cards and bills looming overhead, emergency cash was the only realistic way out. In many ways, it was an actual emergency because I lost my job because of a budget-strung state legislature, but this emergency should have been avoided. Emergency cash helped me pay my bills and make ends meet while finding additional opportunities for success. Finding work during the midst of a recession is difficult, but finding legitimate emergency cash is even harder.
Now, after surviving a personal crisis and financial disaster, I’ve created my own emergency fund, known as a high-yield savings account. Learn from my mistakes by depositing a percentage of your paycheck in an emergency cash savings account, which earns interest while the money accrues over time.
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