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Why Every Writer Needs an Emergency Fund
Extra money is more than just peace of mind
Creating an emergency fund is critical for anyone, but it’s especially important for writers.
Income from writing can be unpredictable at times, whether you are freelancing or relying on Medium or other platforms for money.
A disappearing client or a slight change in the algorithm can wipe out the best-laid plans if you aren’t careful.
Taking a proactive approach by saving up your money each month can help you weather these situations and save you from a lot of stress.
What is an Emergency Fund?
An emergency fund is a much-needed safety net to help cover unexpected expenses or emergencies. For example, this might include unexpected home repairs, job loss, or sudden medical expenses.
The purpose of an emergency fund is to provide immediate access to cash without the need to incur debt, such as taking out loans or using credit cards.
How Much Money Should You Save?
Financial experts typically recommend having enough in this fund to cover all of your living expenses for three to six months.
