26 May 2020
Are there any other strategies to make your money work harder for you other than putting it aside in the bank for rainy seasons?
you need to first work out your basic expenses per month. Then multiply by 6. This will be your emergency funds. So in worst case scenario, you can last 6 months without any sales.
Do note that this is your cannot touch savings, so don’t use for holidays, etc. That belongs to a different saving goal. And always put back the money you spent during bad months.
After that you should be able to start investing. Don’t put everything to investing though.
Youll also need to regularly review the monthly spending to make sure your emergency fund can always cover you for 6 months.
Hi-5! I feel you!
1) Like what Serene mentions, I set aside 6 months worth of expenses as my sav...
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