In today’s culture, there is a mindset more strongly geared towards spending than saving. While our parents and grandparents regularly saved for a rainy day fund, many Americans now would have trouble coming up with $1,000 in the event of an emergency. No matter how good your current situation is, you never know what might happen. Experts recommend putting away between three to six months worth of income in an account that isn’t easily accessible for extraneous shopping. In such a tumultuous economic climate, it is more important than ever to have that safety net in case those storm clouds roll in.
Read the entire article here: Emergency Fund 101: How to Start Saving for a Rainy Day
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Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.