Saturday, February 13, 2010
Saving for a snowy day--or worse
The snow which shut down Washington serves as a good reminder of the importance of the essentials in case of an emergency: extra food, water, flashlights, a car kit when traveling, and a well-stocked rainy (or in this case, a snowy) day fund.
When weather puts a halt on travel, many people find themselves with no choice but to stay home and miss work. And for many, this means reduced earnings or no earnings at all.
Which underscores the importance of establishing an emergency fund - whether for weather, illness, home or auto repair, or a multitude of other unexpected events that may leave you strapped for cash. By opening a separate savings account and regularly making deposits to it you'll be better able to focus on the important things should an emergency situation arise.
And by setting up automatic transfers to your emergency savings, building your balance will be even less work and worry.