Things You'll Need:
- Computer
- Internet Access
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Step 1
Open up a high interest savings account that earns a decent rate of return. Be sure to investigate the details of the account including minimum required investment to open the account. Look into online high interest savings account as they may have a higher rate of return.
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Step 2
Transfer the required initial investment into your new high interest savings account. Try and setup an online bank transfer between your new savings account and an existing bank account. You can use this electronic transfer to move funds back and forth.
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Step 3
Calculate how much you can contribute each week or month to your emergency fund. Once you have determined this amount, setup an automatic withdrawal in your new high interest savings account. Be sure you keep enough funds in your main savings account to cover the transfer and avoid any insufficient fund fees.
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Step 4
Build your emergency fund to have enough to cover at least 3 to 6 months worth of your expenses. Once you have enough to cover these expenses, consider moving a portion of your money from the high interest savings account into a certificate of deposit at a higher rate. This step will allow you to build a longer term emergency fund.
