It doesn't have much in it. A little over $60.00...but I can not even begin to describe the immeasurable sense of relief that I felt the moment that I opened it. I walked in with a graduation check, the rest of which are gone, and opened an account across the street from where I work. I have always known that I should have a savings account but never really did anything about it because there was always debt to pay. Most economist would say, if you are earning 1% in savings account and paying an interest rate of 29.24% on a credit card then you should be funneling ALL of you money into paying down your credit card debt. And they would be right. However I have chosen not to for one very important reason:
Emergency Fund. I prescribe to the Dave Ramsey method of dealing with debt, which suggest that I should have a thousand dollar emergency fund so that I am breaking the cycle of debt and not going back into debt if and when an emergency should occur. This article explains it a lot better than I could.
There is also general relief at this idea that should something happen, that there is a little money set aside.
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