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How do I apply "savings" as emergency savings?

Apr 23, 2014 08:46PM EDT

Hi HelloWallet (or otherwise knowledgeable user),

I recently added a savings account to my accounts tracked in my HelloWallet profile. My initial savings account balance is 10K, and it seems to have been allocated as retirement savings.

However, In your guidance section, you suggest saving three months salary in emergency savings before allocating savings for retirement. That sounds like a good idea to me - however, I can't figure out where in system I'm to indicate the initial 10K currently in savings is allocated as emergency savings instead of retirement. Do I need to establish another separate accounts for emergency vs retirement?

Thanks in advance.

HelloWallet Support Answer

Apr 28, 2014 05:33PM EDT
Holly
HelloWallet Support

It sounds like this savings account might currently be allocated to your retirement savings via your Retirement Guidance. On the “Retirement Accounts” tab of your Retirement Profile you’ll see that you have the option to select which accounts to count toward your retirement savings goals. It’s likely this particular account has been selected for you, and once you remove it from your designated retirement savings accounts you’ll see your emergency savings score become instantly more accurate.

If you’re still having trouble with this after editing your selected retirement accounts, just email support@hellowallet.com and we’d be happy to help!

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