Emergency Savings
Having an emergency savings account is a cornerstone to solid financial planning.
An emergency savings account may prevent you from having to tap credit cards, take out loans, or withdraw from retirement accounts.
The GuideSteps program recommends that you set aside $1,000 in an emergency savings account.
Once achieved, your next goal is to save 3 - 6 months of salary. Keep in mind, as your income increases, it’s appropriate to increase your savings.
GOAL
Save up to 6-month salary for unexpected expenses.
CHECKPOINTS
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$1,000 emergency savings
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3-6 months of salary/income
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Emergency situations
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Types of accounts
Emergency Savings Resources
Financial Calculators
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
