Emergency Funds Needs Proper Care and Feeding!!!

How to Maintain Your Emergency Fund

An emergency fund should be properly cared for and maintained at all times, because it can be the lifeline you need during a financial challenge. Here are some tips to help your Emergency Fund thrive.

Grow It: Decide how much you need to save, based on your expenses, then start growing it systematically. A lot of people use automatic deposits into their bank account, which can be scheduled to stop after a certain number of deposits. No matter where you decide to grow it – a savings account or under your mattress -- make sure it’s easy to access and won’t decline in value.

Prune It: Check your emergency savings periodically to make sure you’re not putting aside too much. Any excess cash may be put to better use in a short-term savings fund for financial goals you’d like to reach within two or three years.

Replenish It: Every time you withdraw money from your emergency fund, make it a priority to replace it as soon as you can.

A financial professional can help you with emergency fund strategies tailored to your situation. Contact us today!!!