Whether or not you’ve ever given it much thought, the phrase paying yourself first is probably something you’ve heard at some point. The principle of paying yourself first means exactly what it implies…which is to pay yourself first, and your emergency fund is the first place to start.

Having an emergency fund is the foundation for building wealth and the backstop that will help you from going into debt. Given the purpose of what an emergency fund is, it should be readily accessible, but not so readily accessible that you will be tempted to make withdrawals for every day spending. It’s important to only use your emergency funds for what it is intended for…emergencies!

“Do not leave yourself or your family unprotected against financial storms… Build up savings.” – Ezra Taft Benson

An online bank could be one good place to stash away that money for those rainy days. Have automatic deposits set up so that way the fund will grow without you being tempted to interfere with it. The rate of return on your money here isn’t the main objective, but more about it being safe from you getting your hands on it until it’s absolutely needed for a financial emergency or crisis.

Shopping around for a high interest account to “park” your money into of course never hurts! Just make sure to find out and be aware of any minimum balance fees, withdrawal fees, penalties, etc. before making your decision. The last thing you need is to find out the money you’re working hard at saving for emergencies is being eaten away by fees.

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