Wealth-Building Tool #3 - Savings Vehicles
It’s important to have a variety of savings vehicles to fall back on.
First, get that emergency fund in place; living paycheck to paycheck with no financial reserves means one car repair or major appliance breakdown could throw your finances into a tailspin. Keep at least three—and preferably six—months’ living expenses in a savings account or money market account.
Your savings options include: regular savings, money market accounts, share certificates/CDs, youth savings, college fund, and a holiday club account. Each has differing eligibility and minimum deposit requirements, dividend yields, and so on.
