An emergency savings fund (aka rainy-day savings) is money you put away to help you deal with unplanned problems. Most people are good at dealing with planned problems, like paying their regular monthly bills for electricity, cable, food, and car payments. In fact, we do them so often they don’t even feel like problems!

Research shows that unpredictable problems or less common expenses are what are most likely to ruin our finances. Research also shows we greatly underestimate how often this happens. Think car repairs, roof problems, medical bills, back-to-school supplies, rental deposits, self-employment taxes, car tabs, and loss of income.

It’s important to remember these issues will happen, and when they do, you don’t want a “bummer” to become a panic because you are not prepared. What’s more, you don’t want to rely on expensive high-interest credit cards, overdrafts, or personal loans. For example, if you put a $2,500 water heater on your credit card that has an 18% rate and make minimum payments, it will cost you nearly $6,000 in interest and take you 27 years to pay off! Instead, use your emergency savings fund!

Open a Stash Savings today and enjoy a high interest rates on your first $2,500. Earn points for maintaining a $500 average balance, utilizing Save the Difference, and setting up Automatic Transfers. These are strategies financial experts say are key to your financial well-being.