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Mishaps will happen, so its always recommended to stow away a chunk of money and build anemergency fund.
When things come out of left field and they will because thats life you want to be prepared.
Unfortunately, many Americans arent ready.
I think making three months of living costs your savings goal is beyond fantastic, she wrote inblog post.
Here are some ways you should consider downsizing to save on monthly expenses.
No guessing, Orman stated.
kindly findsome quiet timeto tally up not just the rent/mortgage but the food and utilities.
And calculate the monthly cost of all your essential insurance premiums: health, home/renters, car.
Once you determine your monthly expenses, multiply that number by three.
Thats your savings goal, Orman explained.
Next, divide that sum by 12, she continued.
Be sure to find a savings account that doesnt charge a fee for a minimum balance.
Awareness and vigilance with your finances make even surprising events more palatable for your wallet.
And thats going to help make life less stressful.
Heather Altamiranocontributed to the reporting for this article.
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