Before I even get into this, you need to understand that an emergency fund is a must for anyone. The reason this is so is there is no way to predict what the future will bring, and consequently, to cover unforeseen circumstances or events which could put you in financial trouble, you need to build up an emergency fund to protect yourself.

Now what is an emergency fund as to its overall purpose? While I already stated the obvious that you need financial protection, the practicals of it is your’re buying time. That’s the ultimate result of having an emergency fund put aside.

What time does is offer you the opportunity to go out and find a job if that’s what happened, or to think through what your next step should be.

If you haven’t bought time with an emergency fund, you’ve basically limited your options to moving in with your mom or dad, or to accept the first job offered to you in order to keep your current lifestyle going, or to even stay in the home or apartment you own or are renting.

No matter what you do in the financial realm or what your goals are, be sure to make an emergency fund the first step toward your financial health and ultimately to build your wealth.

If you don’t have an emergency fund build up, you’re forever paying out what should have been used to put away in savings to build for your future retirement or lifestyle choices.

The reason is there is always some type of smaller event coming up that you weren’t aware was going to happen, and these endlessly eat away at your capital if you aren’t committed to putting away to build your emergency fund as the foundation of the rest of your financial strategy.

When you come down to it, don’t delay in any way in building up your financial safety fund. This is why I always advocate paying yourself first in all your financial practices, as there will always be something available to spend on if you don’t get into that practice.

But to get into that way of life you must commit first to doing it and take the first step. That’s always the hardest thing to do. Once you begin developing these financial habits, it’s surprising how easy it is to do it, and there’s an increasing sense of accomplishment, satisfaction and ultimately – the feeling of being prepared for what life may bring your way.

Just commit to taking that first step and decide on what you will put away and at what interval to build your emergency fund. Stick with it and in not too long of a time you’ll have a solid foundation to work the rest of your financial strategy from.

There is a lot of advice for saving money and creating a budget as a family but singles too have unique concerns when it comes to managing their personal finances. Some individuals are life-long singles while others may suddenly find themselves single due to death or divorce. Regardless of your status in life, a single personal’s financial planning is just as important as that of a family.

Here are some tips for helping single individuals manage their money effectively:

Budget Is Needed
Even if you are living on your own and depending only on yourself, it is still crucial to have a set budget. You should always know where you money is going and how much money you are bringing in. You will still have saving goals to meet and financial obligations to pay so creating a budget is still an essential part of good financial planning.

Emergency Account
As part of your budget, you should be prepared in the event an emergency should arise that requires upfront cash. This is especially important for a person relying on one income. An emergency situation may be the loss of a job, a health problem, or an accident that may hurt a family with two incomes but destroy the financials of a single person. A section of your budget should be devoted to your savings goals so don’t forget to include an emergency fund in your planning. Ideally, 3-6 months of your typical income is a goal to strive toward. In the event a crisis does occur, you will feel more secure in knowing you have a few months worth of living expenses covered at any one time.

Retirement Planning
If you plan to remain single, your retirement fund will be solely your responsibility. In your retirement years, you will likely have some support from your Social Security benefits but it will likely not be enough to keep you throughout the rest of your life. Even the young and single individuals should spare no time contemplating retirement funding, since the earlier you plan, the more you can save. Set your retirement contributions to automated payments so it will make it easier to be consistent. What you don’t see in theory, you really won’t miss. Enroll in retirement funds through your employment if offered and if it isn’t an option, set yourself up with an IRA.

Keep Expenses Low and Savings High
While you are single, it is probably the easiest time to practice smart spending. After completing a budget, really look at where your expenses lie. Is there lots of unnecessary spending going on simply because there is no one to answer to but yourself? Regardless if you are currently single and hope to marry one day or if you plan to stay single forever, you need to control your wants from your needs and keep spending to a minimum so that your financial future will be assured with each dollar you save now.