It can be difficult to establish a hierarchy of savings. What should come first when you are paying yourself? Three basic areas represent parts of your life that need financial attention; your retirement fund, your money set aside for emergencies, and debt repayment. The last one doesn’t sound like you are paying yourself--at first. But debt management is an important part of establishing financial freedom. Emergency Fund: A Savings Account You … [Read more...]
Where Should I Keep My Emergency Fund?
We have all heard the recommendations - have 3-6 months worth of expenses put away in an emergency fund. But where should you keep your emergency fund? I don't know about you, but I don't really want to keep that kind of money in a jar in my cabinet. Your Money Should Be Accessible I have heard some people say that you should put your emergency fund into "safe stocks," so that you can make your money work for you. On one hand, this sounds … [Read more...]