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Common money mistakes to avoid fresh out of college

Mediafeed Logo By Linda Meltzer of Mediafeed | Slide 2 of 12: In this next phase of your life, it’s essential to save money, specifically for emergencies. When you least expect it, your car may need a repair, you need expensive dental work or you perhaps were laid off from your job. These unexpected events happen to all of us, so it’s important to plan for them.Commit to building up an emergency fund that can cover six months of your basic living expenses. You can open interest-bearing savings account like an FDIC insured money market deposit account (MMDA) just for this purpose. This way, the money is readily accessible and earns a little interest.  By having this safety net available, you won't have to reach for your credit card and ramp up debt for emergencies. Instead, you'll have peace of mind that you’ll be ready for these unplanned expenses.

1. No Emergency Fund

In this next phase of your life, it’s essential to save money, specifically for emergencies. When you least expect it, your car may need a repair, you need expensive dental work or you perhaps were laid off from your job. These unexpected events happen to all of us, so it’s important to plan for them.

Commit to building up an emergency fund that can cover six months of your basic living expenses. You can open interest-bearing savings account like an FDIC insured money market deposit account (MMDA) just for this purpose. This way, the money is readily accessible and earns a little interest.  

By having this safety net available, you won't have to reach for your credit card and ramp up debt for emergencies. Instead, you'll have peace of mind that you’ll be ready for these unplanned expenses.

© William_Potter / iStock

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