Better Emergency Funds (as reported by Mandi Woodruff on finance.yahoo.com)

Saving money in case of emergencies is a good idea, there is no arguing with that. People lose their jobs, houses need repairing, health bills must get paid. But how you save for emergencies is a topic worth some debate. Because most people to date would consider the best way to save for emergencies is with a simple savings account. And while it’s nice to know that your money is in a safe place and available to you whenever you need it, you should consider the alternatives that will make your money work for you instead of sitting idle. Because most households don’t need to draw down on all of their emergency funds every year, you can put that money into a vehicle that earns more than the less than 1% interest that is common among most savings accounts today. For the full article, click here.

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