Financial resilience requires more than just savings; it’s about preparing for unpredictable life events. Creating an emergency fund is crucial, as it provides a financial buffer against job loss or unexpected expenses. The article cites Hargreaves Lansdown's findings that 65% of individuals have an emergency fund that covers three months of essential spending. Financial experts emphasize budgeting to identify savings opportunities and adjusting expenses accordingly. This proactive approach allows individuals to create a safety net, reducing reliance on loans during tough times and ensuring greater financial security overall.
Building an emergency fund often starts with drawing up a budget to see exactly where your money is going.
Having an emergency fund can mean the difference between coping with a financial setback and needing to borrow money to survive.
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