Thursday, February 25: Save for Emergencies
An emergency savings fund consists of a small amount of money, usually in a savings account that you do not have easy access to. Saving for this fund starts with small, regularly scheduled contributions that build up over time.
Savings Tips from WESTconsin!
Here are three simple tips for building an emergency savings fund.
- Automatic Savings | Designate a portion of your paycheck to be automatically transferred to your emergency savings fund. Ask your Member Services Representative about setting up an additional savings account titled "Emergency." Saving even $20 per month will help you to build almost 50% of a $500 emergency fund! WESTconsin Online allows you to set up automatic transfers! Click here for more information.
- Unexpected Income | Place unexpected income (i.e. gifts of money, tax return, rebates) into your emergency savings fund.
- Impulse Savings | Turn impulse buying into a positive savings behavior. Place money you would have spent on an impulse buy into your savings account instead.
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