Strength Accountability Unity Network Affirmations

Bank Accounts & Emergency Funds

Bank Accounts & Emergency Funds

Q U O T E S: The answer will come to you if you have unwavering Faith

2nd: I've come to believe that all my past failure & frustration were actually laying the foundation for the understandings that have created the new level of living I now enjoy. 

T O P I C S: Personal Finance & Bank Accounts, & Emergency Funds

Personal Finance: is where financial literacy translates into individual financial decision-making. How do you manage your money? Which savings and investment vehicles are you using? Personal finance is about making and meeting your financial goals—whether owning a home, helping other members of your family, saving for your children’s college education, supporting causes that you care about, planning for retirement, or anything else. Among other topics, it encompasses banking, budgeting, handling debt and credit, and investing. 

Bank accounts are typically the first financial account that you’ll open and are necessary for major purchases and life events. 

An Emergency Fund is not a specific type of bank account but can be any source of cash that you’ve saved to help you handle financial hardships like job losses, medical bills, or car repairs. 

Where do I put my Emergency Fund?

- A Savings Account with a high interest rate and easy access. Because an emergency can strike at any time, having quick access is crucial. So it shouldn’t be tied up in a long-term investment fund. But the account should be separate from the bank account you use daily, so you’re not tempted to dip into your reserves.

- A High-Yield Savings Account is a good place for your money. It is federally insured up to $250,000 per depositor, so it’s safe. The money earns interest, and you can access your cash quickly when needed, whether through withdrawal or a funds transfer.

H O U S E K E E P I N G 

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