BUILDING YOUR EMERGENCY FUND DURING CHALLENGING TIMES
We are living through great uncertainty, and much about the economy is out of our control now and in the future. However, there are things we can do right now to provide a layer of security and comfort – and creating or building on an emergency fund is an essential first step.
Start your emergency savings today with these tips in mind:
- Set a goal: Experts recommend setting aside three to six months’ worth of expenses, but remember that it’s okay to start small.
- Be consistent: Even if you only have $5 – $10 to spare, that adds up over time and turns saving into a habit.
- Automate it: Set up automatic transfers or direct deposit with us to put money straight into your emergency fund – so you won’t even be tempted to spend it.
Want to automatically save a little every time you make a purchase? Consider opening a Round-Up Checking account. This service rounds every debit card purchase to the next dollar and deposits it into your Membership Savings account.
Check your spending. Cut back on unnecessary costs, such as underused subscription services, online shopping, and eating out, so you can put that money into your emergency fund instead. Creating and sticking to a budget is a great way to keep your spending in check. Need help setting one up? Contact one of our Certified Financial Counselors!
Get everyone on the same page. Have a calm and open conversation with your family so everyone understands the necessary changes, and point out that they won’t necessarily be forever.
We understand it might be difficult to save right now, but knowing you have even a small stash of cash is a measure of comfort when things get tight. If you need financial assistance, please contact us. We want to do anything we can to support our members during this time, and we remain committed to giving you our best service.