Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.Financial planner Katie Brewer shared her recommendations for how to manage savings and what percentage of assets should stay in cash.
"Layoffs often occur at the same time as economic problems and the stock market may not be the place you'd want to pull funds from," Brewer says. "Having money in emergency savings allows flexibility in life, career, and other areas."If you are saving for a goal within the next year, Brewer suggests keeping cash to pay for those goals.
For longer-term goals, you may be better off putting your funds in an investment account. While the stock market and other investments typically carry more risk than savings, they also generally offer better returns.For both emergency funds and short-term savings, Brewer doesn't use a percentage to determine how much you should save. Instead, it's based on specific goals. For any additional savings, Brewer suggests a percentage of assets to keep in cash.
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