Posted on Saturday, January 22, 2011
Cash is king, and if you run into financial difficulties such as job loss or another emergency, you will need plenty of cash on hand to make ends meet. That's why it's essential you have an emergency fund. Financial guru Suze Orman recommends you have enough cash to cover at least eight months worth of expenses socked away. That's your ultimate goal, but you may need to start small. Review your budget and see where you can cut costs in order to put more cash away. Store-bought coffees, lunches out and last-minute purchases bought due to lack of planning all cut into money that you could be saving. Get realistic about what you do and don't need, and put away as much cash as you can.