14. Will you have an emergency fund?
This should be a no-brainer. Of course, an emergency fund is necessary. Life is full of curve balls that come when you least expect them. Most of them will cost you some money. You might not know when the rainy day will be but remember that it is going to rain! This is the time that people incur debt because they don’t have an emergency cushion to get them through a tough time.
Debt needs to be paid back with interest. Putting a small amount of money aside each month will keep you debt-free and able to deal with a crisis. Start off small and build up the amount you save for a rainy day.