How To Build An Emergency Fund?
Lesson 18 Chapter 2 Module 4
Once you have a working budget, saving for an emergency should be your first priority. Your emergency fund can help you stop adding to your debt whenever you have a financial hardship or help cover the things you don’t budget for. So in this lesson, I'm going to show you how to build an emergency fund.
Your Actionable Steps For This Lesson:
- Watch the video
- Print out your Savings Tracker Worksheet
- Make a plan to save at least $1,000 (remember to give yourself a timeline of when you wan to save your $1,000 by)
- Open a bank account to hold your emergency fund (this account should be SEPARATE from your irregular expenses account). A good online bank I recommend to hold your emergency fund is CIT Bank.
I like CIT Bank because because they offer one of the most competitive interest rates in the nation (9x the national average), has no monthly maintenance fees, and no minimum balance requirement after $100 to open.
If you want to earn even MORE interest on your money, make at least one monthly deposit of $100 or more in your CIT savings account OR maintain a balance of $25,000 or more. You can read more about the savings account at CIT Bank HERE.
You can also check out Radius Bank to see if that's a good fit for you.
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