How to build your emergency fund throughout the year
(InvestigateTV) — The key to being financially prepared for anything is having an emergency fund or rebuilding your fund if you had to tap into it last year, according to Sara Rathner, a personal finance expert with NerdWallet.
Rathner said if you are faced with an unexpected expense, having savings on hand allows you to pay for that expense and not take on credit card debt or limit the amount of credit card debt you take on.
“An appliance in your home could break, you could need new tires on your car. You could be faced with a large medical bill,” she said. “These things happen to people all the time, and it happens when you least expect it. So, have the money, so you know that no matter what happens this year, you can handle it.”
Rathner said the easiest way to force yourself to save is to set up a direct deposit from your paycheck to your savings account, that way the savings happen automatically.
Replenishment after you’ve used some of the money also happens automatically. Then you’re only one paycheck away from starting to build it back up again.
You could also use a different banking institution to do this, so every account is not connected, and there’s no temptation to dip into your emergency savings.
Automating savings makes your life easier and keeps you from forgetting to set money aside for emergencies.
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