Why it’s important
An emergency savings fund is a separate account you can use to cover expenses during an unforeseen event, like an illness, losing a job, or even a major car repair. Having money at your fingertips can take some of the financial sting out of dealing with unforeseen events – and could also help you avoid taking on extra debt.
A good goal is to put away at least 3 – 6 months’ worth of living expenses. That might seem like a big amount at first, but the idea is to put a small amount away each week or two to build up to that goal.
Placing your emergency fund in an FDIC-insured interest-earning bank account — such as a money market or interest-earning savings account — can give you easy access without taxes or penalties.
One Little ThingSM you can do: My Savings Plan®
My Savings Plan, a free online tool for Wells Fargo savings customers, gives you a simple way to set a goal, start saving, and monitor your progress. Start building your savings by setting up automatic transfers from your other Wells Fargo accounts into your savings account. Being financially prepared for the unexpected can help provide peace of mind.
- If you are a Wells Fargo customer, you can set up a savings plan now. Simply sign on to your account, and access Money Map through the More menu.
- If you don’t already bank with Wells Fargo, take a look at how My Savings Plan can help you set savings goals, and automatically monitor your progress.