Finance experts and countless articles say that people should have a savings account. They also encourage paying off debt as a way to build financial stability. But if you have limited funds, which should you focus on? Should you build your reservoir of fast cash Calgary Alberta or pay off your loans?
What Should You Focus On?
Your present financial situation will determine whether you should focus on building up your savings or reducing your debt. It all depends on your emergency fund or lack of it. You need this fund to ensure you can deal with any emergencies or unexpected expenses. It should be worth at least three to six months of your basic expenses.
If you already have a robust emergency fund, then you can focus more on paying off your debt. You can try to consolidate it using a car pawn loan or use every spare cash you have into closing loans. But if you don’t have an emergency fund yet, you should concentrate on having adequate savings first. Even a fund as small as $1,000 is a good start. You want to make sure you have a buffer in case something goes wrong. Plus, it will help you avoid taking out a fast loan and adding to your existing debt.
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