Save for Emergencies this Military Saves Week!

Have you thought about what your Military Saves Week goal will be? If not, consider making your goal to open or add to a savings account to save for emergencies.

Many of us have savings accounts, but don’t add to it regularly, but having a savings account with funds set aside for emergencies can be crucial to staying out of debt. Take the pledge this your year to save $250 or more to be put aside for emergencies. It’s easier than you might think! By simply putting $10 a week into your savings account, you can have an emergency fund with more than $500 at the end of the year! 

Each year during Military Saves Week servicemembers pledge to pay off debt, save for a house or a car, or even save for a child’s college expenses. These are all good financial goals, however an emergency fund is critical to their success. Below are a few examples of how an emergency fund relates to each: 

If you own a home:  An emergency fund can be used to replace a stove or other appliance, a roof, or possibly a floor or wall damaged by water or mold. No one wants these things to happen, but they can, and often do at the most inconvenient time. 

If you own a car:  An emergency fund is critical to helping to pay for maintaining a car, as well as for a flat tire, broken window, or other unexpected repair. 

Taking care of a child’s educational needs: Children have constant school needs including fundraisers, school trips, uniforms, sports and club activities. Wouldn't it be terrible to have your child accepted to choir, the debate club, or to a school sports team, only to find that you don't have the money to pay for their uniform, or trip to an annual competition? You also want to make sure that you don’t just save for a child’s college tuition, but also for activity fees, and a way for them to come home to visit during holidays and winter and spring breaks. An emergency savings account can help with all of these. 

The Military Saves Week theme is “Set a Goal. Make a Plan. Save Automatically!” Make sure you incorporate each of these declarations into your Military Saves Week goals and your year-round financial goals so that you are well prepared for life’s unexpected events, and to stay on the path to financial security! 

More Articles on Emergency Savings:

Tip of the Day

  • Written by Guest Blogger | March 17, 2014

    Check out the #savings checklist tool containing 15 “savings accomplishments” to assess your savings effectiveness: https://bit.ly/2fdv5O2

Saver Stories View all »

Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

Read more...

How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

Read more...

Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

Read more...