What are good savings options for an 'emergency savings fund'?
I am in the unenviable position, where I live in the US my parents live in South Africa, and many other important family members live in New Zealand. Unenviable because as family members are getting older I am realizing sadly that I may need to have to make emergency trips to either South Africa or New Zealand in the coming months, years or perhaps even weeks. So since it costs so much money for airfare and especially on short notice, I want to save money in some emergency trip account (which probably doesn't even exist) or have some sort of insurance that can get me these travel arrangements on short notice. If anyone has any info or advice, to this regard I would be really happy, Thank you.
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You have a checking account right? Open up a savings account and tie it to your checking. Every paycheck take 15% of your pay and transfer it online to your savings. You will have to sign on to view your bank account online if you have not already done so. Also, get a credit card. In case of an emergency, you will be able to use it. Remember: Do not carry balances on a credit card if possible. It is a myth that carrying balances is good for credit. If you get a card, buy something like food or gas each month and pay it in full. Otherwise you will damage your credit. Note: You will need a checking account in good standing for 6 months in order to get a credit card. You will also need to show ability to pay back. /
