One of the most important things you can do for your financial security is to set aside emergency savings for when you need them. Having a savings account that you can access in times of need can help you weather a storm.

One option is to open a separate savings account just for this purpose. This way, you can easily access the funds when needed while keeping them out of reach for everyday spending.

Aim to save enough to cover three to six months’ worth of expenses, or as much as you can afford. The best thing to do is to include your savings as an outgoing in your budget. This will help you see your savings as a must-do-now rather than a must-do-later. And, if possible, set up an automated payment from your regular bank account to your savings account so you don’t have to think about it.

Visit us again tomorrow as we explore the importance of Pensions and Investments or contact Woodward Markwell for further information and see how we can help you cope.