Sentry Page Protection
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
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
Ann Green