Ben Franklin once declared, “A penny saved is a penny earned.”Equally enlightening is his view on expenses. “Beware of little expenses. A small leak will sink a great ship.”

There are many to choose from. “leaks”These can lead to tight budgets. You might have a spouse who is unable to work due to the poor economy, an accident with their car, or an unexpected hospitalization. Financial advisors suggest that you have enough liquid assets for three to six months worth of emergency living expenses. Access to extra money can help you avoid relying on loans or credit cards in times of financial crisis.

There are some key points you should consider when creating an emergency fund.

1. You will need to decide what amount is most important for you. Experts agree that an emergency fund should have at least three to six months’ worth of your daily living expenses. The amount you save will depend on your specific circumstances — such as whether you have children or are in high-stakes debt. Consider your personal situation, your income, and your needs to determine how much you should be saving.

2. Start small. You can start your emergency fund by simply depositing $100 to your high-interest savings accounts. Be sure to meet your daily living expenses before you start. You should also make sure to reduce your debt and spend less as you build your emergency funds.

3. Follow a set schedule. Regular deposits are a good habit to get into. Set a regular deposit schedule, be it weekly, biweekly or monthly. You won’t have to think about saving once you make it automatic.

4. You might consider opening an online savings account. Many cases, you can save money online. “online”A savings account might be better than an account at a bricks-and-mortar bank. Many traditional banks don’t offer a savings option that offers enough interest to beat inflation. A reliable way to manage your money is an online savings account.

AAA and Discover Bank have teamed up to offer members extremely competitive rates for an online savings account. The AAA Online Savings AccountThis is a great way to start building a rainy day fund.

* Preferred member rates over five times the national savings average

* $500 minimum opening deposit and no minimum balance required

* FDIC insurance up to $250,000

AAA.com/Deposits is the best place to open an Online Savings Account.