How to Rebuild Your Emergency Savings

Rebuilding your emergency savings, which were most likely depleted to cover your down payment, is the first thing any new homeowner should do after moving in. Many homeowners get caught up in renovating and making additions to their new house and end up putting themselves in a bind.

Your savings should be large enough to support you and your family for about six months. If you become unemployed or need to have a serious repair done on your car, these savings will come in very handy.

Think about investing in a money market mutual fund; they have higher interest rates than the average savings account and can make your savings larger in the long run.

Now, bringing your savings back up to where they should be will be difficult. It will take a lot of commitment and sacrifice, since you now have a mortgage to pay on top of everything else. Once you've saved up some extra cash, you can be a little more extravagant; but for now, take it easy.

There are a wide variety of emergencies that can come up and hit you when you least expect it. Having a healthy savings account keeps you prepared for unexpected situations. Be frugal and live on what is needed; this is the best way to build your savings fast.

There will most likely be quite a few things you can fix up or add to your new home, but you should do your best to ignore this right now. Wait until you build up your savings again and have some extra money to dedicate toward renovations.

It won't feel too good, having a new house but being unable to fix it up. Be patient; it will not last forever.

Renovations and other home improvements should be postponed until your savings are robust. This keeps you prepared for any emergencies and eliminates the risk of being stuck in an unpleasant situation without a way out.

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