molifeney.com

Having a savings account will allow you to access money quickly when unexpected things come up; your ride breaking down, family emergencies, or temporary unemployment are some examples. Your savings account reserve keeps you from putting life’s expenses on credit cards or even worse going to Payday Loans shops which are probably the worst thing known to man, but that’s another article.

Your local bank is probably the easiest place to start looking for a savings account. The initial deposit is low and you may be able to have money automatically moved from your checking account into your saving account every paycheck. If you have automatic deposit for your payroll check you may be able to a portion of that money put into your savings account. If you are internet savvy, there are numerous online options for savings account. These Money Market accounts provide liquidity which means you can get to your money easily, and also pay interest so your money is working for you. So how much should you have stored away for a rainy day? Most financial advisors recommend 3-6 months of your income should be saved. If you are like me, having that amount of money off the bat is unlikely, but you can do it incrementally to reach the goal. Rainy days are going to come, so make sure you have your umbrella ready.

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