Quote from: Gormicsta on January 06, 2024, 12:16:51 PM

Quote from: DabsPoorVersion on January 06, 2024, 11:49:56 AM

Quote from: m2017 on January 06, 2024, 09:48:04 AM

Quote from: Gormicsta on January 05, 2024, 07:54:36 AM

Not having an emergency fund was one of the greatest financial mistakes people made last year.

For most people, this is a financial mistake not only for the past year, but for almost all the years of their life.

This is true. But we should also consider the fact like those people are unable to have an emergency fund because they don't earn enough to provide for their daily needs in life.

Regardless of how much or how little your income is, I'll say having an emergency fund is very compulsory, even if you'll have to cut out or cut down a few expenses in order to meet up with your savings or emergency fund.

The same way you don't need to earn so much before you can use the DCA technique to accumulate bitcoin or grow your investment, so is it when it comes to gradually piling up some funds for future emergencies. So yes, even if your earnings are very little, you could still stack up some money for the future .

It is always a good idea to start saving even a small amount of money for your emergency fund. However, as I have said, it may not be feasible for everyone, particularly for those who support their families financially and have no one to turn to for help with daily needs and monthly expenses. As a result, they may not be able to save enough money for their emergency fund.

I mean that it may take time for some individuals to start saving for emergencies. Even if it's the start of a new year, it's not always possible to begin saving immediately, especially if you have limited funds. The key is to have a plan and choose the right timing to make it feasible, particularly for those who are only able to cover their monthly expenses with their salary.