Topics in the
Resource Center
Saving
Once you've opened a checking account with the right features for your daily cash flow needs, it's time to think about having a plan for saving money.
Saving money is not the same thing as investing. The purpose of saving is to have some money available at a moment's notice whenever you need it. You may save for:
- An emergency — Life is unpredictable. Your car may break down, you could lose your job, or you could have a medical emergency. Set aside enough money to cover basic living expenses for three to six months. You never know what can happen. Put this money in an account from which you can withdraw money immediately and without a penalty.
- A purchase — You may want to buy a new stove or put away money for a down payment on a house in the near future. Savings vehicles provide a safe place for you to store up enough money to make a purchase.
Inside this section
Visit the following pages on AARP.org to read more: