How to boost your emergency savings account quickly.
You want to have an emergency fund to deal with life’s uncertainties. Experts say the fund should have enough money to cover six months of expenses. Here’s how to get that fund going.
Find a Good Account
You want to make sure your money has a good place to grow as fast as possible. Search for a savings account with a high interest rate. Check and compare many different banks and credit unions to find the best high-yield savings account for your situation.
Consider Your Goal
Look at your finances and see exactly how much you need to save to cover the six months of expenses. Use that number as a starting point. It never hurts to save more than necessary.
Split it Up
Most employers allow you to split up your direct deposit. If yours does, make sure some of your paycheck is deposited directly into your savings account each pay period.
Start Small
Don’t be intimidated by trying to save for six months of expenses. The most important thing is to save as much as you can. Even a small amount can help you out.
Lump it In
If you get a windfall of cash from a tax refund or a bonus at work, send it directly to your emergency fund.
Do One Thing: Find a savings account with a high interest rate to grow your emergency savings fund as fast as possible.
The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.
