Bad things happen to the best of us, and when they do they seem to come in waves. An emergency fund can work as a life preserver to keep us afloat until the waters calm down. Here are some ideas and tips to start.
1.) Set up an amount each month that will automatically transfer from your checking account to your savings account. This will help you build your fund bit by bit.
2.) Consider paying off your credit cards before you start to build your emergency fund so that you begin with a more stable financial footing.
3.) Keep your emergency fund separate from other accounts that you use regularly so it will be harder to access.
4.) Don't make it too hard to access, you want the funds to be liquid and available when needed. Your best option is probably to use a traditional savings account.
Unexpected expenses happen for everyone but having an emergency fund could help alleviate the stress of these difficult financial times.
Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
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