Your emergency savings should start at $500. Here’s how to make that work for your goals. investinyou (in partnership with acorns)
div > div.group > p:first-child"> Of course, saying it is a lot easier than doing it. In fact, a recent survey from Bank of America's Winter 2018 Better Money Habits Millennial Report found that 64 percent of millennials say having an emergency savings accounts is a top priority.
Determining the appropriate amount to budget for an emergency account will vary — it would be different for a lawyer or a single mom or recent college graduate. Jeremy Straub, CEO of Coastal Wealth, suggests putting away at least 5 percent to 10 percent of each paycheck until saving up three to six months' worth of expenses.
An emergency fund should be invested in cash or cash equivalents that won't be exposed to risk, Ramassini said. It's important to make sure the principal is protected so the money is accessible as soon as you need it. Narrowing down the best bank and account to hold your emergency fund requires some consideration. Online banks without brick-and-mortar storefronts tend to have the highest interest rates, paired with good technology, said Straub."But the key is to get saving, and not over analyze this," he said."Any bank will work to start saving."
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