But Never Let Your Nest Egg Become Your Emergency Fund
Too many people consider that saving for just one financial goal is enough. In this case, some people may set money aside for retirement but don’t have an emergency fund because they think they can just tap their retirement savings at any time, right?
This is the sort of mistake that could cost you your entire nest egg. Keeping the two separate is key, even if it may seem frustrating and difficult to save up twice the amount you initially started off with. But think about it this way. Once you retire, that emergency money will still be yours.
However, while you’re still working, it’s best to keep that cash aside- what if you love your job? Or suffer an accident? Or lost your car or house? Having that stability while you figure things out, thanks to your emergency savings, will be crucial.
