DO YOU HAVE $2,467 SAVED FOR AN EMERGENCY?
After crunching the numbers, economists discover $2,467, or one months paycheck, is a good minimum savings amount. Having an emergency fund is equally as important when owning a business. Setting aside one month’s revenue as a cash cushion can help avoid many financial flow issues that may arise.
Tip: Open a separate savings account for your business emergency fund at a different bank than your regular bank. This will reduce the temptation to withdraw from it.
