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 Tammy G. Bruzon | January 26, 2017

    Jumpstart your goals by earmarking this year’s #taxrefund for savings >> http://bit.ly/2jap85c @MilitarySaves

Saver Stories View all »

On the Right Track to Build Wealth

Written by Super User | April 16, 2013

My name is Robina Wahl, and I am a military wife and a veteran. Although I am fairly new to the Military Saves Campaign, the message to “Build Wealth, Not Debt” reassured me that my husband and I were on the right track and doing the right things.

I have always been pretty responsible when it comes to saving and living within my means, but I was not prepared for the unpredictable employment lifestyle of being a Reservist and military spouse.

Read more...

60 Teens participate in Massachusetts Youth Saves Program

Written by Super User | November 26, 2010

During the months of June & July, 60 teenagers aged 13-19 from Marine, Coast Guard, Army, and Air Force families attended Youth Saves programs across the Commonwealth of Massachusetts to help increase their knowledge of financial literacy.

Read more...

One That Almost Got Away

Written by Super User | November 26, 2010

Brody Lockwood - Like a typical fledgling, I started down the track of financial indebtedness. Nineteen years old and nothing to lose. Credit - who need it? Savings - that was for older people with responsibility. Debt - my parents were in debt ergo it must be OK. When I was eligible for reenlistment, I reenlisted for a multiple of 3 worth $15K. I was happy to pay off my debt, but would I be able to stay out of debt?

Read more...