Choosing “emergency fund” as a first wealth-building goal is a great idea. Research shows that low-income families with at least $500 in an emergency fund were better off financially than moderate-income families with less than this amount. Yet most Americans don’t have enough savings to cover an unexpected emergency.
Emergency savings fund
An emergency savings fund consists of at least $500, usually in a savings account that you do not have easy access to. Saving for this fund starts with small, regularly scheduled automatic contributions that build up over time.
Why it is important
Maintaining an emergency savings account may be the most important difference between those who manage to stay afloat and those who sink in debt. It also gives you peace of mind knowing that you can afford to pay unexpected expenses. That’s because keeping $500 to $1,000 of savings for emergencies can allow you to easily meet unexpected financial challenges such as repairing the brakes on your car or replacing a broken window in your house.
Not having emergency savings is one of the reasons many individuals borrow too much money, resort to high-cost loans, or increase their credit card balances to high levels.
How to build an emergency savings fund
The easiest and most effective way to save is automatically. This is how millions of Americans save. Your bank or credit union can help you set up automatic savings by transferring a fixed amount from your checking account to a savings account. Learn more about saving automatically.
Where to keep your emergency savings fund
Keeping your money in a savings account makes it much less likely that you will use these savings to pay for everyday, non-emergency expenses. Out of sight, out of mind. That’s why it is usually a mistake to keep your emergency fund in a checking account.
MrZeke Snowflake
Hand pour of December 2017.
I started documenting my hand-poured silver bars late last year about 7 months ago.
In case you interested...
Hand-pour Silver Bar No.66, No.65, No.64, No.63, No.62, No.61, Bar No.60, No.59, No.58, No.57, No.56, No.55, No.54, No.53, No.52, No.51, No.50, No.49, No.48, No.47, No.46, No.45, No.44, No.43, No.42, No.41, No.40, No.39, No.38, No.37, No.36, No.35, No.34, No.33, No.32, No.31, No.30, No.29, No.28, No.27, No.26, No.25, No.24, No.23, No.22, No.21, No.20, No.19, No.18, No.17, No.16, No.15, No.14, No.13, No.12, No.11, No.10, No.9, No.8, No.7, No.6, No.5, No.4, No.3, No.2, Hand-poured Silver Bar No.1.
😍#ilikeitalot!😍
Source: America Saves
Best Regards,
I am not a financial adviser. This article is not meant to be financial advice. My articles on cryptos and precious metals share my personal opinion, experiences, and general information on cryptos and precious metals.Thank you for stopping by to view this article.
I post an article daily, and I hope to see you again soon!
Join the Ladies of Hive Community and the Ladies of Hive in discord.
Would you like to support The Ladies of Hive Community?
Consider giving a delegation!
25 HP - 50 HP - 100 HP - 150 HP - 200 HP - 500 HP - 1000 HP - 5000 HP
Thanks for showing the fine addition to the “emergency fund," @silversaver888.
Hahaha... Yes!
Stack on, cve3!
Another memorable Zeke bar. I'm feeling nostalgic.
I started with a little Chinese Urn years ago.
(An empty glass jar wouldn't do because everyone can see there's cash in it.)
Then I needed a bigger urn about 6 months later, but accidentally broke it and went ahead and picked up a bigger urn only it got too heavy with all the loose change.
And I can use a change.
Always, with love 🤗 🌺 💖
Posted Using LeoFinance Beta
Remember when he suddenly stopped posting. He was active until later 2019!
I think I see him posting again on IG again.
Hahaha!!! I say... do whatever works! Are you serious?
Well, I finally have use for all the signature handbags! I out my cash in it, hahaha!
Hugs and Kisses sis 🥰🌺🤙!!
I need to do a better job of keeping my emergency savings account separate from my main savings account. Ultimately I would like to have it at a totally separate bank just to be safe. I might have to see if I can start having a portion of my check direct deposited there.
Posted Using LeoFinance Beta
That's a great idea! Your emergency fund in a totally separate bank will keep it out of mind and a direct deposit to that account is good!
You will find that as your emergency fund grows, you will choose to keep some in the house for easy access!
Good plans, @bozz!!!
Oh yeah, I already have a stash of cash in one of our safes. Sometimes that is just a little too accessible though.
Posted Using LeoFinance Beta
Yes, do not touch your emergency fund in the bank. That is your fail-safe. Use only the one in your house safe and keep it growing every month... it is the real emergency fund.
Thanks for the advice!
!ENGAGE 25
ENGAGEtokens.#1 !LUV for Ms. Saver @silversaver888
I love it, @stokjockey!
Wow ! That bar is so attractive
It is the 2017 Christmas Bar of MrZeke!
Thanks for checking it out!
I don't really separate my emergency fund and it gets mixed in with my own savings. Though in my mind, I already consider a portion of it left over so that I have some money available when I need it.
Posted Using LeoFinance Beta
You can easily open a second savings account with your bank if you wish. There are many reasons to save--- Christmas presents and gifts, vacation, replacement car, downpayment for a house...
how are you dear friend @ silversaver888 good afternoon
I really appreciate that you shared all this information about saving, thank you very much for showing us another hand-poured beauty
have a beautiful afternoon
Nothing like having peace of mind! With an emergency fund,
there is always something to pull.
Have a nice afternoon, @jlufer!
Sweet bar! And yes, I agree about having an emergency fund first, before stacking, and if it gets used, refill it before adding more stack. Also I make sure I have fuel before buying silver.
Sweet bar indeed, @fat-elvis.
I waited until I paid off all my debt.
It was like forever, but in hindsight, it was quick! Only a year a half!
My emergency fund was first. I sold things that I didn't need (phew, I had a hard time parting with them), and I And I did not buy anything for two months.
I'm so glad I believed the stackers then, who kept saving that you can't stack if you have unpaid debts, that you couldn't use credit for metals . So glad.
Very true @silversaver888, trying to keep an emergency account in a checking account gives you the opportunity to dip into it at a weak moment....
The peace of mind knowing you have an emergency savings is priceless!!!!😀
Beautiful Snowflake from MrZeke!!😀
Don't you feel like..." come what may, I am ready for it!"
That is the kind of peace of mind you get!
Have a wonderful day, @silvertop 😀
Absolutely @silversaver888, and also getting out of debt is very important before stacking silver and gold. You have a wonderful day as well my friend! 😀
A beautiful hand poured piece, sis! thanks for sharing!
Thank you, sis.
Hugs and Kisses 🥰🌺🤙!!
🤗😘💖🌸
Thanks, @pixresteemer!
View or trade
BEER.Hey @silversaver888, here is a little bit of
BEERfrom @pixresteemer for you. Enjoy it!Do you want to win SOME BEER together with your friends and draw the
BEERKING.Thank you to @pixresteemer!
@silversaver888, you were given LUV from @stokjockey. About LUV: https://peakd.com/@luvshares http://ipfs.io/ipfs/QmUptF5k64xBvsQ9B6MjZo1dc2JwvXTWjWJAnyMCtWZxqM
Thank you to @stokjockey!
This post has received a 100.00% upvote from @fambalam! Join thealliance community to get whitelisted for delegation to this community service.
Thank you, @fambalam!