Save for an emergency fund

An emergency fund is money you save to cover urgent or unexpected costs. This could be car repairs, unexpected travel or an urgent medical bill.

It provides a financial safety net so you don't have to borrow money if something happens to you or your family.

How much you need in an emergency fund

Even if you can only save a little, make a start and keep saving. The more you can regularly save, the better.

If you put $20 a week into a savings account, you'll have over $1,040 by the end of the year. That's the start of a good amount of savings to give you some financial breathing space.

A good target is to have enough in your emergency fund to cover three months of expenses.

Read More: https://moneysmart.gov.au/saving/save-for-an-emergency-fund