7 Bad Ways to Increase Your Emergency Fund ...


There are many good reasons to increase your emergency fund. An emergency fund is one of the best ways to prepare for unexpected costs, such as a medical expense, a car repair or unexpected travel. However, there are wrong ways to achieve this financial goal. Here are seven bad ways to increase your emergency fund.

1. Ignoring Your Interest Rate

If you're looking to increase your emergency fund, it's important that you pay attention to the interest rate on your savings account. The rate you earn plays a role in how fast you’re able to grow your funds. Unfortunately, some savings accounts pay a pitiful 0.01% APR. But if you shop around and explore other options, you can locate higher rates.

Relying Solely on Certificate of Deposits
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