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Save Money Tips - Savvy Planning Ideas For Your Emergency Fund

By Deb Atkins

You often read financial planning articles that way put away 3-6 months of expenses in a financial-calculator.bullionseed.com/save.html" target="_blank">savings account. On occasion you see 6-12 months. But what if the first emergency you have is and 11-18 month financial crisis. It is hard to plan on the emergency situation and the length it will last. That is why it is best to get yourself in a better financial position.

Sometimes it comes as a result of going through something many make needed changes in spending or planning, especially if it was not something they were taught while growing up. An emergency fund can provide financial resources when a major illness, income loss or other financial emergency prevents or consumes a regular household income. It can also be useful to a lesser degree for minor emergencies like an unexpected home or major car repair. It is an important component in establishing financial security.

Without an emergency fund, a person can compelled to acquire debt on a credit card for normal expenses like groceries, rent, mortgage, and the like. This new debt may then take many years to repay with interest, causing the additional unnecessary expense added to the cost. However, regularly allocating income to a short-term financial-calculator.bullionseed.com/save.html" target="_blank">savings or “emergency financial-calculator.bullionseed.com/save.html" target="_blank">savings account” can contribute to the security in an emergency the future may bring. In so doing, it is recommended the emergency fund be thought of as an additional bill that must be paid, just like any other obligation.

While planning and building an emergency financial-calculator.bullionseed.com/save.html" target="_blank">savings or emergency fund, here are 5 tips to keep in mind:

Save Money Tip 1. Financial planners recommend a minimum of three months of your living expenditures up to at least six months. It’s important that you are consistent with deposits and use it only use it for true emergencies. Make sure you seek high interest rates for your short-term financial-calculator.bullionseed.com/save.html" target="_blank">savings accounts – don’t let it sit there without making money for you. Checking, financial-calculator.bullionseed.com/save.html" target="_blank">savings, money market accounts and “certificates of deposits”, are great places to keep cash that might be needed on quick notice.

2. There should be a minimum emergency fund balance that you may feel is comfortable. Once you’ve reached that, you may decide to add more to that, but also to begin moving some of the future deposits into longer-term financial-calculator.bullionseed.com/save.html" target="_blank">savings, but still short-term money.

3. The amount saved from budgeting can either go to your financial-calculator.bullionseed.com/save.html" target="_blank">savings goal, emergency fund or both. You could utilize the money saved from budgeting financial expenses by financial-calculator.bullionseed.com/save.html" target="_blank">saving half of it to your financial-calculator.bullionseed.com/save.html" target="_blank">savings account and half of it for emergencies. This way, you achieve your goals in financial-calculator.bullionseed.com/save.html" target="_blank">savings and at the same time put in funds for emergency use.

4. Short term is defined as 2-5 years. So, besides emergency money, short-term financial-calculator.bullionseed.com/save.html" target="_blank">savings are also theoretically, great places to put away cash towards a new car 3 years in the future or something similar. Of course today many online financial-calculator.bullionseed.com/save.html" target="_blank">savings account give you CD rate returns so make sure you maximize even the emergency fund money. Have your money work for you, even in the short-term. There are actually over 15 online banks that offer 5% or more with minimal opening deposit requirements.

5. Give thought past your basic emergency money (perhaps the first 3 months of financial-calculator.bullionseed.com/save.html" target="_blank">savings) to your additional cushion. If you choose to begin buying 6, 12, or 24 month CD’s or invest in High Yield Investment Products (HYIPs) you could begin using a laddering strategy. That means, you can move your ‘excess’ short-term money into a higher yield products as an income producing move. That way, each time a CD or other investment matures, you reinvest it or roll each subsequent investment over, in sequence.

Keep these ideas in mind as you develop your personal financial plan. Think, even while preparing for the short-term, how you can also get long-term benefits. This allows you the ability to build wealth while financial-calculator.bullionseed.com/save.html" target="_blank">saving and eventually use someone else’s money (net gain) to add to your own emergency or long-term financial-calculator.bullionseed.com/save.html" target="_blank">savings goals.

Author Bio: Deb Atkins is the owner of Avenue Elite, LLC several websites and article publisher who promotes a balanced life vision http://avenueelite.com to include balancing your finances. Get her free Reduce Your Debt ebook, free budget spreadsheet, and free software immediate downloads at http://bullionseed.com