An ideal way to build up your emergency savings account is to set aside money each month, specifically for that reason. However, it’s not always possible, and we all have competing savings goals. For example, is it more important to save for retirement or save for an emergency? Well, they are both important and there… Continue reading
What Emergency savings accounts are an important part of any financial plan. The purpose of these accounts is to cover or offset unforeseen financial emergencies. Such emergencies can include car repair, medical expenses, or even employment termination. Your account should ideally be separate from your primary savings account. This helps reduce the temptation to spend… Continue reading
Personal finance experts tell us that ideally we should have 3-9 months’ worth of expenses saved in an emergency fund. But in reality, 63% of Americans don’t even have enough savings to cover a $500 emergency.¹ So why do so few follow the experts’ advice? Because for most of us, there is only so much… Continue reading
Sure, it would be nice to pay for unexpected expenses without pulling out a credit card, but that’s easier said than done, right? The secret to paying out-of-pocket to replace a refrigerator, that has lost its cool, is to build an emergency savings fund. Having money set aside for emergencies can help prevent you from… Continue reading
First, the car broke down, then the dishwasher stopped working, and now the dog is sick. Sometimes the old saying, “When it rains it pours,” seems to ring a little too true. When you need money to pay large, unexpected bills, where do you turn? Many people use credit cards or borrow from their retirement… Continue reading
Whether it’s a stimulus check, a tax refund, or an inheritance from your great aunt, extra cash can make a difference in your finances. So it’s important to think carefully about how you’re going to use it. If you have a credit card or other high-interest debt, paying it off might be a good move…. Continue reading