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30 March, 13:22

Scenario 1

Aiden's car is 12 years old and he's worried it might break down, so he's trying

to save three months of expenses for unexpected repairs, while also saving for

a new car. What are the best savings strategies for Aiden so he can keep his

money accessible for repairs, but also save for a new car?

+1
Answers (1)
  1. 30 March, 13:44
    0
    Aiden can open a savings account that does not have restriction on withdrawals and does not have minimum balance requirement

    Explanation:

    Aiden is trying

    to save three months of expenses for unexpected repairs, while also saving for

    a new car.

    This will require frequent withdrawals for unexpected repairs on his old car. Also he will need to make frequent deposits into the account as he is saving for a new car.

    The best account option for Aiden will be to get a savings account that will allow him withdraw as much as possible for repairs and also he will not be charged because of frequency of withdrawals
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