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Set aside 3 months of Living Expenses for an Emergency Fund

https://thetaxplanningpros.com/services/wealth-preservation - Having an emergency fund can be a lifesaver when it comes to dealing with life's unexpected events. This fund should be kept separate from your regular savings and should contain enough money to cover at least three months of living expenses. Tax Planning Pros, IRS-certified tax strategists, can help you create and maintain an emergency fund and provide advice on how to save for it. For more information, contact Tax Planning Pros at 469.343.1500.

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Set aside 3 months of Living Expenses for an Emergency Fund

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  1. Set aside 3 months of Living Expenses for an Emergency Fund

  2. What is an Emergency Fund? • It is a fund that can help you deal with unexpected events in life. • It is a fund an individual sets apart from other savings only to use in an emergency. • This fund can be used when: • Unpredictable expense occurs • An unexpected loss of income occurs • You have to change jobs • You don’t receive the expected income from a source

  3. Why is it Critical to Set Aside an Emergency Fund? • It helps you prepare for emergencies and tackle them efficiently • To manage your finances without affecting your budget • Being financially strong at the time of emergency reduces mental and emotional stress • It prevents you from taking out a high-interest loan to cover unforeseen expenses • It allows for better decision-making when you have unplanned expenses

  4. How Much Emergency Fund Should I Set Aside for An Emergency? • Experts recommend keeping an amount to cover three living expenses • Your living expenses should include basics like: • Housing • Auto • Phone • Insurance • Groceries • Credit card minimum payments • Basic utilities • Pad the account a bit more if you have additional recurring expenses.

  5. The Tax Planning Pro is an IRS-certified tax strategist and can guide you on saving for emergency funds. Contact them at 469.343.1500.

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