Tereza | Twenty20

How to grow an emergency savings account

Automate your savings, so that a set amount of money is routed directly into your savings account each week or month, said Erin Lowry, author of "Broke Millennial: Stop Scraping by and Get Your Financial Life Together." Try naming your bank account "Emergency Savings," so you're reminded why that money is there and why you should keep contributing to it, she said. "Many banks will allow you to change the name of your savings account from a generic 'Bank Account 39341029' to something with actual meaning," Lowry said. You might also want to open your emergency savings account at a different bank than the one you normally use, she added.