ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Good Credit
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Money Saved
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Budget Plan
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Credit Card
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Detailed explanation-1: -People in stable jobs are recommended to put away 3-6 months’ salary into their emergency fund, whereas people with lower job security are recommended to save 6-12 months’ salary. A stable income ensures a consistent and bigger emergency fund. The number of earning members in the family also matters.
Detailed explanation-2: -While the size of your emergency fund will vary depending on your lifestyle, monthly costs, income, and dependents, the rule of thumb is to put away at least three to six months’ worth of expenses.
Detailed explanation-3: -To determine how much you need to save every month in your Emergency Fund, you first need to calculate the ideal size of the fund. It is generally recommended that the size of an Emergency Fund is substantial enough to cover monthly expenses for a period of 6 to 9 months. As your monthly expenses are Rs.
Detailed explanation-4: -Set several smaller savings goals, rather than one large one. Set yourself up for success from the start. Start with small, regular contributions. Automate your savings. Don’t increase monthly spending or open new credit cards. Don’t over-save.
Detailed explanation-5: -Open a high-yield savings account. Take advantage of a 401(k) matching program. Consider a Roth IRA. Open a certificate of deposit. Open a money market account. 01-Mar-2021