Cash reserve. “Rainy day” fund. Emergency savings. Call it what you like; creating a stockpile of available cash remains a smart part of any financial plan. Consider the recent economic woes that have impacted many American families. When unanticipated events like an economic recession or lay-off strike, a safety cushion liquid savings can make all the difference for the individuals and families involved. Ameriprise financial advisors are available to discuss cash saving topics like:
- How much individuals should plan to save and store in their emergency funds.
- Various options that enable people to build their savings rapidly in a smart way.
- Strategies to find some extra room in a family budget to build a monthly reserve fund.
- Situations when an emergency fund may come in handy that individuals may not have previously considered.
Saving for the unexpected may seem like a drag, but when a sudden expense arises, it’s better to have planned for it than to simply reach for a credit card.