Safety Net Savings
7 months ago
I’ll feel a lot more secure if I have a cushion of savings under me “just in case”.
I’m paying back loans so I need a balance between paying these off as quickly as possible to save what I pay on interest, and having savings for a rainy day. So rather than aim for 6 months as some experts suggest, I’m going for 3 months – this seems like a reasonable compromise to me.
I’ve set up an account with the highest rate of interest I could find and will pay into this monthly. It’s flexible so I can add more or less but I have budgeted a minimum payment and I will pay this in first thing every month.
