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If you’ve come to the realisation that you need to save a $1000 emergency fund in order to get your finances back in the black, you’re in the right place.
An emergency fund is one of those boring things we really don’t want to think about until we need it. Unfortunately, our rational brain doesn’t function so well when emergencies actually happen so saving an emergency fund is something to sort out BEFORE you actually need to use it.
But I thought I had to pay off debt before saving money?
It’s not surprising to hear that most people who struggle with debt don’t have an emergency fund. Often, the difference between getting into further debt or taking an emergency in your stride is having money in the bank.
So how do you build an emergency fund when you’re in debt? And should you even bother? Should debt payoff be your primary goal?
The short answer is yes and yes! Yes, you should bother saving money for an emergency and yes, debt payoff should be your priority.
Now I totally get that there are many schools of thought on the best first step to take towards financial freedom.
Many say you should clear debt before starting to save money, due to the limited financial benefit of interest earnings compared to what you pay in interest on a credit card or personal loan.
Others believe you should build an emergency fund whilst making extra repayments towards your debt. I’m in this camp. You can do both!
How to Save an Emergency Fund While Paying Down Debt
When I started the torturous journey of paying off my consumer debt I knew I needed a quick win because the slog of paying back debt sucked, big time!
I figured having some funds in savings for the first time in … Read More
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