SAVINGS: Expect the Unexpected
We can all expect rainy days to come along in life, even though we don’t know when. Putting some money aside for unforeseen expenses or changes in circumstances is a sensible precaution.
Whether the ’emergency’ is minor, such as needing new parts for your car, or major, such as having an unpaid leave from work, it is best to be prepared.
As a rough guide, you may wish to put aside enough money to last you for at least three months, and the best place for such ’emergency funds’ is often a bank. So if the worst happens, you can get your hands on your money immediately.
How do I choose the right account?
Bank interest rates vary a great deal. Although most savings accounts offer instant access, some require you to give notice of withdrawal. By all means you, take advantage of this, but don’t automatically settle for a poorer interest rates or high charges. Make sure the right account that will suit you.