If you are a first-time homeowner then chances are you will be shocked by the many extra expenses that may appear in your monthly budget. For that matter, it is important that you keep an emergency fund that will help you with the extra expenses that come from purchasing your own home. This emergency fund can be used for utility bills, home repair, and home maintenance.
This financial struggle will surely be felt if you are living in a rented room for a long time because you usually do not need to pay extra for the electricity and water. Now, that you have purchased a home you need to ready for all of the utility bills that you have to pay. Setting aside an emergency fund will surely save you from all of these utility bills that you have to pay. You can at least be confident that you have enough money to pay for all of these utility bills.
You also need to be aware that your emergency fund is an essentially money that you may use not only as you move to a new home but also to cover any of life's unexpected events. Indeed, this money can have a big help to you and your family. You can start saving on this emergency at any time you never have to start with big amount because you can just start it up with few cents then later you will realize that you have saved a lot already.
