Video - Money: Know It to Grow It - Emergency Fund

Transcript:

 

An emergency fund is money you put aside to cover financial surprises..

It's like an umbrella…

…something you don't always use, but that's really nice to have when rain comes along.

Especially when that rainy day is in the form of an unexpected car repair…

…or medical bills.

To build an emergency fund, start by putting money aside…

…in a safe, interest-earning place, like a savings account.

If you choose a high yield savings account, you'll earn a higher level of interest…

…building your emergency fund even faster.

Many experts say to save 3 to 6 months of living expenses if you can.

But even a little stocked away can still help…

…turn unexpected events…

…into manageable inconveniences.

So that's an emergency fund. Find more ways to know and grow your money at synchronybank.com.

 

LEARN MORE: Video - Money: Know It to Grow It - Net Worth