Everyone should have an emergency fund set aside. $1,000 is a good amount, but if you are able more is best. Having sometime of emergency fund which you can keep in your savings account is good to have for any type of emergencies such as a car break down, hospital bills, an appliance breaking down.
Some ideas on how to build up your emergency fund is setting aside your tax refund, setting aside your overtime pay, those extra paychecks you may receive once or twice a year, or having a garage sale are a few ideas.
Once you have the $1,000 set aside, work on eliminating your debt. If you have no debt than all the better. Start working on building up 3-6 months living expenses for those unexpected lay offs at your job.
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