What To Do With Unexpected CASH?
What is the best way to prepare for life’s unexpected financial surprises? Set up an emergency cash fund that you can turn to when the unforeseen hits.
How do I set up an emergency cash fund? This is often the first question we ask when we are serious about getting our financial house in order.
We have all been there when a little extra cash comes our way.
During the holidays you may get a card from grandma with some money tucked inside. Then birthdays roll around and a card from Great Uncle Chuck comes with another bit of cash. Or maybe you get a surprise bonus at work.
One of the best things we can do with a small cash windfall is use it to build an emergency cash fund, if we don’t already have one. Despite what we all rationally know is the right thing to do, most of us will often spend our small windfall on things we don’t really need.
Why is that?