How Much Money Should You Have in Your Savings Account?
As a general rule of thumb, financial advisors recommend you have enough savings to cover at least three to six months' worth of bills. This gives you a cushion in case you lose your job, face a medical issue or encounter another money-draining emergency. Because of the liquidity of a savings account, you can access the money quickly and easily when you need it. While some analysts recommend keeping more than that in your savings account, most think that excess money should be placed in higher interest-bearing accounts or used to pay down debts with higher interest rates.
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