Set up a savings AND emergency account
There are many reasons to set up a savings and emergency fund - separately. While a savings account is valuable for when you eventually retire one day or to pay for your child's college expenses, an emergency account is just as beneficial for when you need to cover unexpected costs, such as repairs to your home or vehicle. In addition, financial stability is not only good for when you need funds urgently, but it is also beneficial for your mental health, as financial stress can take an enormous toll on your mental well-being.
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