According to the expert, the financial cushion will provide psychological comfort in unforeseen situations such as illness or layoff. The initial size of financial support is approximately 3-6 months of expenses, but this depends entirely on the individual’s situation. A more suitable period is expenses from six months to one year.
Evan Golovanov also added that funds must be quickly accessible for withdrawal, in which case it is not worth depositing funds. Don’t forget inflation; You can split the funds by 33% in each currency. This provides currency diversity as a fiscal cushion.
A financial expert shares a helpful rule to help you save money: “Pay yourself first.” You can set aside a percentage of your income each month. The percentage depends on individual abilities.
Source: Ferra
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