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This article is posted with permission from our partner Lili. Get the digital bank account designed for freelancers with Lili and manage your business expenses, estimate your taxes, and save for a rainy day all with zero account fees. Start a Lili account today. If 2020 has taught us anything, it’s that the future is unpredictable. Nobody imagined, for instance, that a coronavirus would bring the global economy to a standstill. Even in normal times the future is unpredictable, which is why it’s important to establish an emergency savings fund that can provide a cushion in case of a financial shock, whether it’s a lost job or a trip to the ER. Unfortunately, most Americans don’t have any emergency savings. According to a 2019 study by the Federal Reserve, roughly 4 in 10 Americans cannot come up with $400. As a result, unexpected expenses force them to rely on costly debt, such as payday lending. The good news is that there are easy ways to create that financial cushion, even in times like these. In a recent piece in The Wall Street Journal, I described 3 strategies that can make saving for emergencies as easy and painless as possible, even for freelancers. Here’s how you can start saving now:
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AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
April 2023
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