FAQs
What is an emergency fund, and how much should I save in it?
An emergency fund is money set aside to cover unexpected expenses, like medical bills or car repairs. It’s recommended to save 3 to 6 months’ worth of living expenses to ensure you’re fully prepared for emergencies.
What are some common financial mistakes to avoid when starting out?
Common financial mistakes to watch out for include not budgeting, relying on credit cards without repayment, not having an emergency fund, and delaying retirement savings. Avoiding these can help build a strong financial foundation early on.
Are there any good budgeting apps for beginners?
I recommend PocketGuard as a simple budgeting app that tracks income, bills, and spending. It allows you to set savings goals and receive alerts when you’re nearing budget limits. PocketGuard makes it easy for beginners to view all their finances in one place and budget accordingly.
Can I do this even with a low income?
Absolutely! Building financial stability on a low income is possible with proper budgeting and planning. Even small contributions to savings or an emergency fund add up over time. Financial health is achievable at any income level—it just takes consistency and planning.