Are Your Savings Earning Anything?
Have you been building your emergency fund? Is that money in your account ready to take action when needed? That's a huge accomplishment! Celebrate! 👏 I have a few more questions. Is your emergency fund separate from your everyday expense account? If not, consider opening a savings account to hold those funds. Separating these accounts is a good idea to avoid the temptation to use emergency/rainy day funds for non-emergencies. Does your account grow even when you're not contributing? So you have been putting your emergency fund in a savings account. Great! Now what? Is this account growing even when you're not contributing? If you're earning interest at laughable rates such as what you see below or any percent starting with 0.0 (i.e.,.01), it's time to make a change. 😒 😒 My savings account earned literal pennies on the dollar for many years. It's one of those things that hurts to even think about 😢. We will not dwell on the past. I encourage ...