How can I build an emergency fund while paying off my debt?

How can I build an emergency fund while paying off my debt?

It's definitely challenging, but it's possible! Start by setting a small, manageable savings goal each month.

What if I can barely make my minimum debt payments?

In that case, prioritize your debt payments first. You might consider cutting non-essential expenses to free up some cash.

Is there a specific amount I should aim for in my emergency fund?

A common recommendation is to save at least $1,000 initially, then aim for 3-6 months' worth of expenses over time.

Should I focus on debt repayment or saving for emergencies first?

It depends on your situation. If your debt has high interest, prioritize that, but having a small emergency fund can prevent more debt.

Can I use a balance transfer credit card to manage my debt while saving?

Yes, a balance transfer can help reduce interest payments, but be cautious of fees and ensure you can pay it off before the promotional period ends.