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Finally, it is important to note that financial safety nets are essential, even if the balance of your student loan is high. Having a strong emergency fund, it is being able to access it quickly in case of emergency (repair of a car, medical bill or unexpected layoff), it is not so not ideal. Instead, consider parking it in a high-yield online savings account.
Most experts agree that setting up an emergency fund corresponding to three to six months of spending is a good cushion, butAlways better. This means that if all your monthly bills are $ 3,500 a month, you should aim to gradually save between $ 10,500 and $ 21,000. (Do not panic, you can not do it overnight.) At the end of the day, having only $ 1,000 in your pocket could help you overcome your next problem.)
Marianne Hayes is a freelance writer and content marketing specialist. It covers everything from personal finances to spiritual growth. His work has been published in MagnifyMoney, Cosmopolitan, Redbook, Good Housekeeping and Forbes. Follow her on Twitter
@ hayesmarianne
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