How much should one ideally have in an emergency savings.

[Etini Willie]

Emergency savings or an emergency account as I like to calm it is that part of your funds that you keep aside and don't touch except for a clear situation that requires very urgent cash. This situations could be sickness of a family member, natural disaster and pandemics like the Covid 19. It is important to keep an emergency savings. It is clear that most people don't have an emergency fund or some that have don't even take it serious. How much should be in an emergency account? At any point in time, there is an ideal amount that should be in an emergency account so one can draw from and meet up with contingencies.

It is of no use having an emergency savings that has just $20. We all know that $20 can't help anything in the case of an emergency. The funds that you should have on your emergency account should be something that can help you to an extent when an emergency occurs. If I have to mention a figure, I would say that an emergency account should have nothing less than $400 at any given time. With that, you are to a large extent assured of a start up plan in emergency situations.

 

[Knowlopedia]

With world events occurring on a daily basis, it's important to be prepared for the unexpected, even if you don't think it'll ever happen to you. One of the best ways to prepare for anything is with an emergency savings account that contains enough money to cover your expenses for several months.

If this sounds good to you and you're ready to start saving, these are the best websites and apps available on which you can open one today.

Best Website For Emergency Savings:

1. Acorns

The best part about Acorns is that it can automatically take from your savings each month and invest it for you using an algorithm that analyzes your spending and investing habits. It also offers a trip-generating feature and the ability to track your goal progress throughout the day. Additionally, it also allows you to make donations to nonprofits through links found on the site. Download Acorns for iOS or Android ] The best part about Acorns is that it can automatically take from your savings each month and invest it for you using an algorithm that analyzes your spending and investing habits. It also offers a trip-generating feature and the ability to track your goal progress throughout the day. Additionally, it also allows you to make donations to nonprofits through links found on the site.

Best Website For Emergency Savings:

2. Digit

The best part about Digit is that it doesn't require an initial deposit. The only things you need are a bank account number, email address and password, which can be created using their website or by signing up on their Facebook page. The best part about Digit is that it doesn't require an initial deposit.