Quick Answer: Start by setting a savings goal, cutting unnecessary expenses, and using smart deposit strategies. One of the safest places to grow your emergency fund is in a secure, high-yield deposit account with your local credit union.

Life has a way of throwing out unexpected expenses such as medical bills, car repairs, home maintenance and other expenses. Without a financial cushion, these surprises can lead to debt and stress. That’s why learning how to build an emergency fund is essential. Experts recommend saving three to six months of living expenses but getting there can feel overwhelming without an action plan. Here’s how to start and keep the momentum going.

Make A Budget and Stick to It

Track your income and expenses, then set a monthly savings goal. Small changes like canceling unused subscriptions or reducing utility usage can free up cash for your emergency fund.

Change Spending Habits and Stay Disciplined

Making a budget and staying disciplined go hand in hand. This helps you get the most out of every dollar and avoid slipping back into old habits. You’ll stay on track, reach your savings goals faster and feel more in control of your money.

Explore Extra Income Streams

Side hustles such as freelance work, rideshare driving, or pet sitting can add hundreds to your savings each month. On occasion, you can even sell items you no longer need through online marketplaces, garages sales or resale apps. Every dollar you earn can go straight into your emergency fund.

Automate Your Savings

Direct deposit or payroll deduction ensures money goes into your emergency fund before you can spend it. This “out of sight, out of mind” method is one of the easiest ways to grow your balance.

Choose a High-Yield Deposit Account

A high-yield deposit account helps your emergency fund grow faster by earning more interest in your savings. Popular choices people use are a money market account and a certificate of deposit (CD) due to their higher interest rates compared to regular savings account. An alternatives would be a high-yield checking account.

Why Choose a Credit Union for Your Emergency Fund?
Keeping your savings with a credit union offers security, competitive interest rates, and personalized service. Unlike big banks, credit unions are member-owned giving each member a voice and a greater share in the returns. At Clark County Credit Union, our experienced team can guide you toward the best high-yield deposit account to protect and grow your emergency fund. Contact us at 702-228-2228 or visit www.CCCULV.org to get started.