SIMRAN RAJPAL
GenZ is brought up in a cool and fashion-savvy environment. Hence, they find it difficult to save money.
According to a survey, just 56% of Gen Zers regret not having saved as much as other generations do—they don't have enough money saved for three months' worth of costs in an emergency, as reported by CNBC Make It.
Early emergency fund creation is crucial for long-term financial stability since it provides flexibility in handling unforeseen circumstances without incurring debt.
Before beginning to save, Boneparth advises learning cash flow analysis and comparing income to costs in order to identify areas for possible savings.
Establishing steady savings practices based on income and spending enables a solid financial foundation to be built gradually, strengthening resistance against unforeseen costs.
According to CNBC Make It, building a solid financial foundation requires finding a balance between saving and spending, which is essential for long-term financial success.