AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
2min snip
🏆 Spend Planning! | Holly Morphew on Why Spend Planning Beats Budgeting 💰
Forget About Money
Building Financial Safety Nets: Emergency and Goal Getter Accounts
Establishing a solid financial foundation involves creating two types of high-yield savings accounts: an emergency savings account and a goal getter account. The emergency savings account, referred to as a lighthouse fund, serves as a crucial safety net, ideally containing three to six months' worth of expenses. This fund provides security during unpredictable life events such as job loss, illness, or personal crises. Complementing this, a goal getter account, also known as a sinking fund, is designated for planned expenditures within the next one to three years, catering to various goals like vacations or necessary purchases. Regularly contributing to these high-yield accounts helps maximize interest earnings and ensures that funds are readily available for both emergency situations and future financial goals, thereby promoting a proactive approach to personal finance.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode