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Why You Should Include a Savings Strategy in Your Budget

Category: Financial Capability


It’s always good to have extra money socked away somewhere, just in case you need it. You never know when your car will require repairs, you’ll have medical issues where medical insurance doesn’t cover everything, your house needs fixing, or you have a family emergency where you have to fly to another state. Most people just put things like this on their credit cards and then pay the monthly minimum when they get the bills. Even if you’re diligent about paying your bills every month, you’ll still end up paying up to three times as much as you would if you had paid cash once you compute the interest. Also, many people get in over their heads with credit cards when they don’t pay them off in full every month. You’re really better off having a “rainy day fund” set aside for expenses as opposed to relying on credit cards for items like that.


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