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Tip Store: Finances: Emergency Fund

Earning Interest on Your Emergency Fund

​It is hard to find accounts that give any interest on accounts that are easily accessible. Once I had my emergency account, I found that by adding $20 a month I would get around $1.50 a month bonus interest. Not a lot, but in a year it is $18. Every bit adds up.
Contributed by Ann Green

Building Six Months of Expenses

​Someone suggested that an emergency fund should be six months of expenses. The way I am achieving this is to pay extra each month on my bills until there is enough to cover each bill for six months. For example, if a bill is usually $50 a month, build this up to have $300 credit. One advantage of doing this has been I never miss out on the pay on time discounts. This system may not suit everyone.
Ann Green