As much as you may know that having some money set aside in an online savings account for emergencies is important, research shows that it’s actually crucial for your sanity, too.
The “Emergency Savings Survey Analysis” from the Consumer Federation of America has found that people with fewer than $500 in an emergency fund
- worry more about their finances
- lose more sleep
- are in worse health
- are less productive at work
than people with more than $500 set aside.
We know that money can have a huge effect on your emotions. But not doing something so simple — putting money in a separate account solely for emergencies — really can affect your health.
If you don’t have an emergency fund set up, start one today. It’s not as difficult to fund as you think, and when you automate your savings, it’ll happen before you know it.