Emergency Money

Have you ever experienced an emergency situation or code in your nursing career? When things happen unexpectedly, they always tend to work out if a plan is in place and resources are available. Code cart on standby, experienced staff able to assist, working equipment in the room, and at least a rough structure of how to manage these situations is important for a good outcome.

In life, emergencies may come up from time to time as well. Injury keeping you out of work, hot water heater going out, vehicle transmission issues, the list could go on. Having an “emergency fund” to fall back on is key to you having a good outcome in these situations. How much should you keep in an emergency fund and where should it be stored?

A widely accepted amount to keep in your emergency fund is roughly 3-6 months worth of your monthly expenses. So if it costs you around $3,000 each month to live, eat, drive, etc. then you should have $9,000 - $18,000 saved in a High Yield Savings Account (HYSA).

A HYSA will earn you a little more money than it would simply sitting in a bank's savings account. These accounts are easily accessible whenever you need the money, and making some money is better than none. Check out Ally’s HYSA and other products, we have really enjoyed using them.