![]() If an emergency of any kind were to arise, you want to be able to access your funds without worrying about fees and penalties. If you experience a layoff, you may not find another job quickly or at the level of income you were making in your last position.Ī benefit of a high-yield savings account is that you can withdraw your money quickly if needed. I say that during times of economic crisis, it's better to have nine months to a year of expenses saved. The general rule of thumb is to have three to six months of expenses saved in an emergency fund. ![]() Lingering inflation and an uptick in layoffs makes having money saved to fall back on in case of economic upheaval crucial. Emergency fundĪn emergency fund is essential right now. ![]() Here are three ways to use high-yield savings accounts to grow your money and reach your savings goals: 1.
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