There are a lot of reasons to consider an emergency fund for your life. It can give you a lot of peace of mind knowing that you have money put away and ready for all of the things that will come up in life. You can decide how much to add to the fund based on where you are in your financial journey. Some people start out with a small one if they are paying down debts and trying to pay the rent each month, while others will go for a full 3 to 6 months to help out if they lose a job or have something else major come up along the way.
As you are putting together an emergency fund, one thig to consider is where you would like to keep the money. Once you know a bit more about why you should have this fund and how much you should put into it, the next question to consider is where you will put the money. The best thing to do here is make sure that the funds in this account are liquid, which means that they are really easy to get ahold of. Cash is the most liquid, while something like your home or real estate is not liquid at all. Some good options to consider for your emergency fund can include:
# A simple savings account that you can have connected to the checking account. You will have it separated out, but it is easy to get if something does come up.
# A money market account that will have a debit card or some check-writing privileges that you can use for your own needs.
# An online bank that will pay higher interest rates. These are still good for moving money quickly when needed.
You will want to avoid a few places because they are less liquid to work with. You should not place in an investment account that could potentially lose value if you keep it there and burying it in a shoebox or in the backyard will not help you out either.
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