This is part of our Financial Literacy Month Question and Answer series
Question: I always seem to have car emergencies. Isn’t there a better way to live?

Answer: Create an “Anti-Emergency Savings Fund “for normal and necessary expenses that do not occur every month. For example, you can pay your property taxes with your mortgage, save 1/12 of it every month, or just have an “emergency” when it shows up every year. By saving small amounts every month, you will actually have the money available …

This is part of our Financial Literacy Month Question and Answer series
Question: Why should I have emergency savings when the interest rates are so low? What’s the use?
Answer: When you have savings, you can be your own banker and not have to use your credit cards for things like car repairs or medical bills. Even if you have a little bit of money set aside, you will feel so much better having even some money to put toward a “crisis” situation.
Your Emergency …