Do you have enough savings to cover an emergency? If not, you’re among the 71 percent of people that don’t have enough set aside to cover six months’ worth of expenses. Having money set aside for unplanned expenses is essential, but, according to the Bankrate survey released in June, only 29 percent of adults say they have a large savings account.
Here are three easy ways to jump start your emergency savings fund.
If you don’t already have a savings account, start your savings journey by opening one. A savings account is a great way to set aside money into a separate account that you typically can’t access with your debit card.
Savings accounts often have stricter guidelines that limit the number of times you can transfer money from your account. Many banks and credit unions enforce a six time transfer limit. This means you’ll be charged a fee for each additional transaction that you take money from your savings once you’ve reached that limit. This is a great way to keep yourself accountable, and avoid the temptation to spend your savings.
One of the easiest and most effective ways to save is automatically. With automatic savings, you can set it up, and let it go!
Watch your savings grow each time you get paid by setting up an allotment from your pay via myPay. You’ll need your banking information, including your savings account number and the routing number to your bank. Determine how much money you can comfortably afford to set aside from each paycheck and then set up your allotment. Alternatively, you can talk to your banking institution about scheduling automatic transfers from your spending account into your savings.
If you need help figuring out how much money you can afford to save, you might want to calculate your expenses and create a budget. >> Learn about budgeting.
Saving money is always fun and exciting at first. When you make your first savings deposit, you feel like you’re one step closer to reaching your savings goal and you can’t wait to see your progress. After a few months of continued savings, you might start to get comfortable and feel like it wouldn’t hurt to spend some of your emergency savings on a non-emergency.
That’s where we step in! When you take the Military Saves pledge, you’re making a promise to yourself to continue saving. We’ll send you reminder text messages to encourage you to make your savings deposit. These gentle nudges will help you stay on track, even when you have money saved. You can never have too much savings so it’s important to stay focused. We’ll also send you helpful savings tips and tricks to continue working towards your goals!
Take the Military Saves pledge and start your savings journey so you can be prepared the next time life happens.
Let Military Saves help you save money so you can feel confident about your finances. It all starts when you make a commitment to yourself to save. Take the first step today and take the Military Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. Military Saves will keep you motivated with information, advice, tips, and reminders to help you reach your goal. Think of us as your own personal support system.
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