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Questions about emergency funds or savings accounts from UMB?
A personal emergency fund is a type of savings account or cash reserve used only for unplanned, urgent expenses. This might include car or home repairs, medical bills or job loss. Usually, you set aside a predetermined amount of cash every month to build your emergency savings and tap into that savings for unplanned bills or payments that are not part of your regular budget of expenses and spending.
The best way to start your emergency fund is to create a monthly savings habit—no matter how much or how little you can set aside. Saving anything might feel difficult. But even a small emergency fund can help make you feel more financially secure.
Set a goal
Many experts say it’s best to have three to six months of living expenses saved in an emergency fund account. But if that feels like too much to start with, you might set a goal of saving $1,000-$2,000 cash to cover a car insurance premium, for example.
Create an automatic savings system
Make it as easy as possible to save. Many checking and savings accounts offer free automatic recurring transfers. You can predetermine a dollar amount to transfer to savings each time you get paid or on a certain day of the month.
Celebrate your savings success
Interest-bearing savings accounts put your money work for you. Regularly monitor your progress as you watch your account grow over time.
There are many options, but the best savings account for you is the one that makes sense for your lifestyle and specific goals. Check out the types of savings accounts from UMB—everything from youth savings to money market and premium savings accounts. It’s easy to apply online and take your next step toward saving for an emergency fund or your other financial goals.
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