How Much Should You Save to Create Emergency Fund?

You eventually have to banked three to six month worth of expenses in case you lose your job. But it's okay to start small. For now, you're looking to cover unexpected expenses such as car repair or attending your best friend wedding in Malibu, without using credit card. A good goal is save $1,000 in your first year out of college by putting aside $85 a month.

Tip : Open separate savings account and set up an automatic deposit after each pay period so that you can't even be tempted to spend your stash.

Tool : have a little fun and maybe win a gift card or two by joining SaveUp ( Linked to your own savings account. SaveUp is a free website that rewards you with points for every dollar you save. The points can then be used to enter lotteries that pay cash prizes, gift cards, vacations and more.

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