Avoiding debt like the plague: Three ways to efficiently keep yourself away from debt

Emergency funds

 

The importance of having an emergency fund is often overlooked. Possessing an emergency fund is one of the most vital measures to help you avoid incurring debt.

 

An emergency fund is a stash of money put aside to be used in an emergency.  It could cover for grave emergencies, such as unexpected job loss or even the sudden death of a loved one. It’s important enough that most, if not all, ‘financial gurus’  advocates it.

 

But most people don’t bother to create one. As if they can see right into the future and can be instantly prepared when emergencies happen.

 

Where will you get money if you need it urgently?

 

Keep this in mind: Without an emergency fund, you risk yourself open on loaning vast amounts of money.

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Author: Donna Woods

  • 6+ years of experience in financial analysis
  • 5+ years of experience as a writer, published author, editor, and screenwriter