Summer is HOT 🔥, but an Emergency Fund is HOTTER 🔥🔥

Building an emergency no es cosa del otro mundo 🌎, not something out of this world 🌎!

It’s actually something you can create with a little bit of discipline 👆! SO take notes 📝 and check out these 5 steps to build an emergency!

1. Set a Savings Goal 🔢: Determine how much you want to save for your emergency fund. Mmm, time to bunker down 👩‍🌾 like an adult and crunch numbers. As a guideline, aim to save at least three to six months’ worth of living expenses. You can adjust this based on your individual circumstances and comfort level.

2. Create a Budget 📝: Track your income and expenses to understand your financial situation better 💵. This will help you identify areas where you can cut back and save more money. Look for unnecessary expenses and find ways to reduce them. Yep, we’re talking about those unnecessary nights you may have made an impulsive decision you didn’t need.

3. Save a Percentage of Your Summer Income ☀️: ¡Amarate el cinturon, tighten your belt 🥋! If you have a summer job or internship, identify a portion of your money specifically for your emergency fund 👆. For example, try to save 20-30% of your summer income directly into your emergency fund.

4. Automate Your Savings 💸 : Set up an automatic transfer from your checking account to your emergency fund savings account. Relieve the stress 😮‍💨 of watching your dinero slowly fade by automating the process makes it easier to save consistently.

5. Minimize Entertainment Expenses 🎉: During the summer, it’s tempting to spend money on going out on trips, visiting the fam in the motherland or in some sort of entertainment. While it’s essential to enjoy your summer, look for low-cost or FREE activities and prioritize saving over excessive spending.

No excuses for not having an emergency fund! Emergencies happen, it’s better to be prepared than to have to deal with the situation head-on when it’s present 😞. While a lot of Latin@ parents may not be proactive about this, lead by example and show them how it’s done 💪! Asi que, compa qué le parece esa esponja para sus deudas, yep we’re talking an emergency fund?

If you need help, check out the SUMAversity.