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A financial safety cushion gives us a sense of security and protection in the event of unforeseen circumstances such as job loss, medical expenses or unexpected costs. It provides us with financial freedom and allows us to avoid stress in difficult situations.
Knowing that we have enough financial resources to cover unexpected expenses gives us peace of mind that we can deal with problems without worrying about financial hardship.
A safety cushion helps us avoid debt and credit in case of crisis situations.
A financial airbag gives us freedom of choice and flexibility in making financial decisions. We can focus on our goals without being distracted by financial worries.
A financial safety cushion is the foundation for building capital for retirement and ensuring your financial well-being later in life.
Creating a financial airbag is a process that requires planning and discipline. Here are a few steps we can suggest:
Determine how much money you need to save to provide an adequate level of security. This is typically three to six months of expenses.
Estimate your monthly expenses and determine how much you can set aside each month to create a financial safety cushion.
Invest your money in stable and reliable investments such as savings accounts, bonds or market growth funds.