“I’ve been saving up for months!” Meghan was telling her friend Jessica as they toweled off after enjoying a swim at the community pool. “And now I finally almost have enough to buy a phone-photo printer dock. Just a few more weeks!”
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You may be feeling impatient to start more aggressively paying down debt, but it’s important to first create an emergency fund. If you don’t have money socked away for unexpected expenses, you’ll be tempted to use the money that’s already earmarked for your debt payments to fund this expense.