Beefing up your emergency fund doesn’t have to be intimidating. The strategy is to start small. The payoff is significant: a healthy financial picture for you and your family.
Here are ideas to boost your emergency/security fund and change your savings habits for life:
- Treat your savings as a bill. Figure out what you can afford to save each month and stash away $75, $50, $25, or even $10 a month. No matter the amount, it’s habit-forming and adds up. As your situation improves, you can look at increasing the amount.
- Aim high. If your monthly utility payment is $76.26 year-round, budget $80. If your mortgage payment is $967.89, budget $1,000. These amounts mean you’ll have a buffer at the end of the month to apply to your emergency fund.
- Live one raise behind. Budget using your old income and apply the extra amount to your emergency fund.
- Automate it. If it’s not in your wallet or your checking account, you won’t spend it. Use automatic transfers to savings. Out of sight, out of mind, but you know it’s there if you need it.
- Give savings a garage sale boost. Schedule an emergency fund-dedicated spring cleaning event—purge items you no longer want and need. You’ll clean the house, feel refreshed, and boost savings.
- Think taxes. Use all or part of your raise or tax refund to increase savings.
- Get your family involved. There’s power in numbers and plenty of support groups out there made of people with the same goals to prepare for the future like you.
- Save your change in a savings account. At Altana F.C.U., we’re ready to help you save and have lots of options for you to find your best fit!
It’s our passion, every day, to help people commit to and accomplish their savings goals, no matter how big or small, because your dreams are worth it!
P.S. If you need anything from us, you can find us here!
(P.P.S. – If you’re more of a Social Media person, D.M. us on Facebook or Instagram, and we’ll personally set you up with someone perfect for you and your goals.)
