Scott On Money

HSBC is offering 6% on its online savings account for three months ending April 30th. It is great that they are offering this rate. If you haven’t setup your emergency fund in an interest bearing account this is a good opportunity to take advantage of a high rate, at least temporarily.

This doesn’t motivate me to move my money from my Emigrant Direct account. Why? The three months boost isn’t worth the administrative hassle.

It is important to keep your eye out for ways to boost your return and this might be such an opportunity for you.

Posted by Scott at 10:14 AM | Permalink | Comments (0) | TrackBacks (0) | Subscribe | Digg | del.icio.us | Technorati

You know it does. It is so easy to ruin the best thought out plans. Your transmission breaks down $2,400. Water heater busts $400. You just closed on a new house and lose your job.

While each of these events is unexpected the fact that these things happen is not. So how do you deal with planning your financial future when fate is hanging around waiting to yank the rug out from under you?

Have a fund for the unexpected. What kind of things can disrupt your financial plan? Figure out what kind of money you need to deal with the occurrence. I try to have six months of expenses set aside. I used to think three months was okay until I had a time where I couldn’t find a good job for four months. Open an account with easy access and a high interest rate and starting saving. If you don’t have a fund set up for these unexpected events you will find yourself pulled under by high interest credit cards.

Posted by Scott at 10:34 AM | Permalink | Comments (0) | TrackBacks (0) | Subscribe | Digg | del.icio.us | Technorati