Savings Account Benefits to Help You Build & Maintain an Emergency Fund
When life hits you with unexpected expenses, an emergency fund ensures you're financially prepared. Below are a few tips to follow to help you build and maintain your emergency fund. Understanding the top savings account benefits will also help you select the right bank account to house your savings.
1. Create a Budget
If your emergency fund is a little low or non-existent, creating a budget is one of the first things you need to do to get it where it needs to be. A budget will help you make regular contributions to your emergency fund. Not only do you need to make a budget, but you need to stick to your budget. Review your spending each week to see that it's in line with your budgeted amounts.
2. Learn About Savings Account Benefits for Your Emergency Fund
Your emergency fund needs its own separate account; separating the money makes it less likely that you'll tap the money for a non-emergency. While you have a slew of options for your emergency fund, one alternative is a savings account.
There are multiple savings account benefits that make it a top choice for your emergency fund. One of the savings account benefits is that you'll earn interest on your money. These interest payments will help you increase the money in your emergency fund and preserve your purchasing power.
Savings account benefits also include the convenience that's enjoyed by credit union members. You can easily transfer money to your savings account from your checking account.
3. Brainstorm Ways to Boost Your Emergency Fund
If it feels like it will take forever to save up an emergency fund, brainstorm some options to add more money to your account. You might pick up a side hustle, like driving a rideshare vehicle or dog walking.
Or, if you get cash gifts or a bonus at work, save these amounts instead of spending them. Your savings account benefits will make it possible for you to quickly deposit these funds before they turn into spending money.
4. Automate Your Contributions
Additional savings account benefits make it simple for you to build your emergency fund. Instead of having to remember to transfer money each paycheck, set up a reoccurring contribution that automatically deposits money into your savings account when you get paid.
Join CCCU to Take Advantage of Our Exclusive Savings Account Benefits
These efficient savings account benefits make it as effortless as possible for you to add money to your emergency fund. For information on how to become a CCCU member, contact us today at 702-228-2228.