Suze Orman emphasizes careful planning for retirement, urging families to establish an emergency savings account covering at least eight months of expenses. For those struggling to save that amount, starting with a goal of at least $1,000 is advisable. Orman advises avoiding credit card usage unless bills can be paid in full each month, recommending the use of cash or debit cards instead. She also highlights the need for extra savings due to increasing lifespans, encouraging individuals to assess their financial readiness as many Americans face retirement.
Every family should have an emergency savings account that can cover at least eight months of living expenses.
If you can't swing that, start small with an emergency savings goal of at least $1,000. Sure, it's small but it's a safety net.
Unless you can pay off your entire credit card bill every month, avoid using credit cards. Instead, rely on cash or debit cards.
Consider your long-term financial needs. Many of us may live much longer than the average lifespan of 77.5 years.
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