With the advent of digital payment apps, cash may seem less useful to have on hand. Zenith Wealth Partners Chief Financial Planning Officer Chelsea Ransom-Cooper joins Wealth! to give insight into how much cash consumers should keep in their wallets.
Ransom-Cooper offers the following advice to consumers: "We want to think about how much we have in our checking account. So the cash in our checking account is really a vehicle where we only want to have 1 to 2 months of expenses there so we can cover our bills, any of our necessities. But it’s just a transition place. When we think about that high-yield savings account, that’s where we want to have our emergency savings. "
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