Setting up an emergency savings account is one way to help you pay for unplanned expenses.
Unplanned expenses can include car repairs, home repairs, medical bills, or a loss of income.
How Much Emergency Savings Should I Have?
Most financial experts recommend about three to six months' worth of expenses. However, the size of your emergency fund will depend on your circumstances.
What Type of Account Should I Store Emergency Savings In?
Most financial experts recommend choosing a savings account that is not your primary account for everyday expenses and is easy to access. Work with your financial institution to determine what account might be best for you.
How To Find Extra Money To Put Into Your Emergency Savings
Look at ways you can add extra money to your emergency savings. If you get a tax return, a pay rise, or a bonus, consider adding the money to your emergency savings.