Many Americans today don’t have a savings account or emergency fund. I heard on the news recently that the Commerce Department reported that Americans spend all the money they have and personal savings rates have reached the lowest level since the Great Depression.
Your emergency fund is your safety net: in case you get sick or lose your job you can use your emergency savings to hold you for a few months until you can find a new job.
Your emergency account should be separate from your checking or savings accounts and should only be used for emergencies such as an unexpected expense, unemployment, medical bills, etc.
An emergency fund should be enough savings to pay your bills for at least 3 to 6 months. Money for an emergency fund should be readily accessible and stored in a checking or savings account, preferably a high-interest savings account, such as Emigrant Direct or ING or a money market account where you can make money while saving money.
To determine how much money is needed to pay 3 to 6 month’s worth of your bills do an inventory and write down all your bills and expenses and the monthly amount spent for each. Calculate the...
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