![]() ![]() Having this security blanket ensures you have money on hand and will not have to turn to high-interest credit in the event of unforeseen circumstances, such as a health issue, job loss or a large expense like a car breakdown. If you don’t have any debt but are short on savings, your priority should be starting an emergency fund that covers three to six months’ worth of expenses and/or income. Keep in mind that circumstances can change, and you may need to revise your budget at least once a year. If you understand where your money goes, your spending habits, your money-saving target and how quickly you can pay down debt, your goals will feel more achievable. If you’re in debt, your first priority should be paying it down. Not every goal can be achieved within the first month or even the first year-this is why everyone’s budget needs a purpose. Long-term goals are things that you want to achieve in five or more years.
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