Annette Hammortree

Owner at Hammortree Financial Services and 2 other companies
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  • If you don’t have an emergency savings account …
    Not everyone has had the opportunity or time to build a rainy day fund, and that’s OK. The good news is that there are other ways you can create a financial cushion.

    Annette Hammortree, a financial advisor based in Crystal Lake, Illinois, suggests keeping a line of credit with a zero balance to cover surprise expenses. She also recommends finding ways to cut your discretionary spending so you can start saving for emergencies.

    “Possibly reduce your 401(k) to the point of no match, but remember to go back and increase it,” Hammortree says. “It’s important to not just spend this excess but truly save it!”

    Another one of her tips is to stash cash in a high-yield savings or money market account as opposed to an account that doesn’t accrue much — or any — interest.

    “You want to save somewhere that is accessible and earning something,” Hammortree says. “It should also not be in the same place where you pay current bills. It needs to be in a separate account.”

    Keeping your emergency savings in an account that’s easily accessible can make it too easy to spend those funds, she adds.

    Entire article can be read here:

  • Getting your own house in order allows you the freedom to feel like you can afford to give. In other words, the fear for most people is that they don't have enough money for themselves for their own retirement or legacy to their family but the reality is creating a financial plan will let them see they can do both.