Emergency Fund

Have an Emergency Fund is Tip 1 from our ‘ Just one Financial Thing’ tip series. You can find the whole series here https://fhmanning.vps03.dev.inetservices.co.uk/just-one-financial-thing/ Make sure you have an emergency fund. Ideally this should be 6 months’ salary, but we are going to start small, and let’s just get an account opened if you haven’t already. As we work through the series we will begin to work out how much you can afford to add it, but just getting that account opened will be a great first step. If you are time restricted, just do this with your existing bank. A separate account, earmarked for emergencies, will ring fence the money and avoid you dipping in to it at the end of the month. Ideally, if you can spare the time, open an account with another financial institution. That way it will be ‘out of sight, out of mind’ and will help you avoid spending that money.