When getting started on the road to building wealth, having a plan for your money and making the decision to save for an emergency fund is where it begins. There are different ways to go about deciding how much to contribute to your emergency fund depending on what works for you.

There are so many different approaches for saving money you just have to find your approach. For example, you could start off with a set amount of at least $10 to $20 a month and make a point to contribute more when you can. You could set it up as an automatic deduction from your paycheck or set it aside manually if you’re disciplined enough.

“It may take you months or even a few years to build up an adequate emergency savings fund. That’s okay.” – Suze Orman

If you’re able to be more aggressive with the amount you’re able to save, another method would be to save 10% of your monthly expenses or more aggressive yet, 10% of your income. Whatever the amount or method you’re able to do, the important thing is to DO IT! Make it a habit, make it consistent. Replace every dollar that comes out if you have to dip into it. Set your goal of saving for 3 to 12 months of expenses depending on your level of security and situation.

Once you’ve reached your target, it doesn’t stop there. That habit of saving for you’re your emergency fund will serve you well to save for investing. The habit of saving and starting with your emergency fund truly is the foundation for building wealth. Don’t let life events or unexpected expenses control you financially. Get control over your money, so your money doesn’t have control over you!

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