How to put aside money for emergency savings

"GMA" sponsor Wells Fargo shares expert tips for setting aside emergency savings as part of its Financial Health Week.
1:20 | 05/29/19

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Transcript for How to put aside money for emergency savings
let's talk a little bit of money. Today we are teaming up with our sponsored Wells Fargo for their financial hit-and-run week to show you how to meet your savings goals with small manageable steps. This morning talking about something that, you know, a lot of us don't do, set aside money for an emergency. Well, we got expert money tips on how to start preparing for the unexpected. Hi, I'm financial health banker with Wells Fargo. Feel confident with your finances but then the unexpected happen, a car repair, medical bill or roof fix, the price can be painful. Studies show for even a $400 unplanned expense half consumers would have to miss a payment, borrow or run up credit card bills to pay that off so let's talk emergency savings plan. I tell people it's best to put away at least three to six months of your expenses but don't panic if you have nothing or very little saved. Anything is a step in the right direction and can make you feel better prepared of the start with an initial goal of $1,000 then increase from there. Using awe matic transfer to stash away small amounts every week is simple and effective and with the Wells Fargo my savings tool customers can see how close they are every time they login to online banking. When the unexpected happens you're better prepared to take care of you and your loved ones. All right. Have a great trip in New York. Don't spend all your money. You'll need it for your emergencies.

This transcript has been automatically generated and may not be 100% accurate.

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