Why we moved home? Financial move to increase monthly savings

Late this month we were reminded by the Property Agent who manages our unit that our Lease Contract was about to end in two months. According to our Lease Contract, we were to inform her and the unit owner if we have the intention to extend our rent. This reminded me of why we moved to our current apartment and why we left the first one we rented.

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Why our Emergency Fund is based on Monthly Expenses, not Monthly Income

If you have searched the internet about Financial Freedom you have come across the concept of Emergency Funds. Ideally, this is around 3 to 6 months of your monthly income or expenses.

An Emergency Fund is an amount of money that you set aside in case you lost your income. It also acts as a buffer to avoid touching savings or investments during emergency expenses.

Most of the books and internet articles we read says that it should be based on monthly income, there are a few that says it should be based on Monthly Expenses.

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Why having a Monthly Budget is Required for Financial Freedom

Everybody wants to achieve financial freedom – free from debt, financially secured, established a healthy relationship with finances and to live the life that you want. Do you want to achieve financial freedom but don’t know where to start? The answer actually lies with how you budget and set aside money for expected expenses or what we call Monthly Budget.

For this post Monthly Budget means Cost of Living per Month. This includes, food, rental, bills, insurance, transportation, etc. Does not include payment for debts or money you put in investments.

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Emergency Fund: Why It’s Important & How To Save Up For It

We always hear about Emergency Fund (EF) when we start to manage our finances. Financial advisers advises it, family & friends with good finance practices encourages – but what is an emergency fund? This will serve a financial safety net for those unexpected expenses. It is money stash aside to cover the family’s monthly living expenses and basic needs when you are unable to work or earn.

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How to Start Saving Money for the Family

While saving money is second nature to some people, not everyone is good at keeping their money in their pockets. However, not everyone who are good with managing their money started off smoothly. In fact most have struggled and failed multiple times before finally gotten the hang of handling their finances well. Here are ways to prepare yourself and to start saving your money:

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