If you've been fixing your finances for quite some time, then you probably know that after eliminating bad debts, the next step is building an emergency fund.
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| "bookkeeping-accounting-taxes" by Firmbee is licensed under CC0 |
Saving for the rainy day is essential given that job security was a thing in the past. The pandemic has shown us this.
So, you've committed to building an emergency fund. The next question we usually ask next is how long it will take?
Given our fast-paced world, we sometimes lack the patience to wait for something to grow.
Use the calculator below to know how long will it take the build the fund.
Emergency Fund Calculator
| Instruction: Enter only the numeric value. For example, you need to enter 100000 instead of 100,000 to calculate correctly. |
Takeaway
Building your emergency savings will take time. This is why you need to give your 100% commitment to the task.
If you can accomplish this, then the other steps to financial freedom will be much easier because you've already built the following values: Patience, Consistency, and Faith.
How long did it take to build your emergency fund? Share your perspective by commenting below.
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