2. Have An Emergency Fund

Always try to keep some money for your emergency situations. These emergency funds  will pay for your unexpected expenses. Above all it helps you stay out of debt. It's the force-field you build around your life to protect you from financial crisis.

Especially when you are close to your retirement and old age, these emergency expenses will be of great help.  

These emergency funds will provide a financial security when your source of income suddenly stops after retirement.

3. Prepare A Retirement Budget

You should accept the fact that you will be retired one day and so it is important for you to understand the need of saving money visualizing your retired life.

Once you feel that your retirement is nearing, make sure that you create a budget for yourself. Since there might be no source of income after your retirement you will have to cut down on your unnecessary expenses.

Ensure you spend your money wisely after your retirement because incase of your untimely death your family must be financially secured.

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