| As a financial consultant and I have coached a lot | | | | create online, just be careful of their fees, terms and |
| people as to why emergency funds are critical. In an | | | | conditions and legitimacy. Money market funds is one |
| earlier post you learned crucial personal finance basics | | | | other choice, and can even provide higher interest |
| with regards to creating an emergency fund like | | | | than savings accounts, but they aren't guaranteed. I |
| budgeting, goal setting and automation. Today I'll | | | | have personally used ING for my emergency fund |
| discuss a few quick tips to help you pick where to | | | | and think its excellent. |
| invest your emergency fund. | | | | Liquidity - How quick can I get my money? Another |
| Convenience - If you are like lots of people, you | | | | important factor you need to think about is how |
| want to make saving into an emergency fund as | | | | accessible are your emergency funds. The simple rule |
| fluent and simple as you can. Coaching personal | | | | with this is that it should be available by less than five |
| finance basics has also shown me that if it's not | | | | days at the very most. You should try to get a fund |
| easy, chances are it won't get done. You likely have | | | | that could pay out your money within 24 hours of |
| a checking account. If so, you probably have a | | | | when you need it. The personal finance basics |
| savings account in place too, if not you could open | | | | question to ask yourself with this when choosing an |
| one with your bank on the Internet or at your | | | | account is "Can I get the money when I need it?" |
| branch. I recommend using this account to park your | | | | I hope these personal finance basics regarding |
| emergency funds. Chances are the interest rates | | | | convenience, high interest savings and liquidity will help |
| aren't great, but it's an a simple account you probably | | | | you make your emergency find into a reality. Check |
| have, or you could set up in a jiffy. | | | | our resource link for free budget spreadsheets and |
| High Interest Savings - You shouldn't worry too much | | | | other financial calculators to give you the head start |
| about the interest rate you get with your | | | | you may need. We go more in depth in our e-book |
| emergency fund as it's considered a short-term | | | | as well. The best tip I can give is to get it started. |
| investment. A personal finance basics way of thinking | | | | Even if you only got a 0% rate of return, you will still |
| is that you'll probably use the fund within the next | | | | have money tucked away for those unexpected |
| five to seven years, it's short-term. ING is avery | | | | expenses that you wouldn't have otherwise. |
| popular savings vehicle, as is PC in Canada. There are | | | | DID YOU LIKE THIS ARTICLE? SHARE IT WITH |
| plenty of high interest savings accounts available to | | | | FRIENDS! |