Blog Highlights:
Build It Smart: Simple steps to start and grow your emergency fund
Spend It Wisely: How to know when it’s truly an emergency
Backup Plans: What to do when your emergency fund falls short
If you've had a situation recently where your emergency fund helped you get through a temporary financial crisis, you may need to rebuild your savings. Follow these smart money moves to replenish your emergency fund so you can be financially prepared should another urgent situation arise.
Life is full of unexpected surprises and if you're not prepared, they can wreak havoc on your lifestyle and finances. An emergency savings fund provides financial security and peace of mind for getting through a temporary crisis without throwing your regular finances and budget off track.
If your emergency fund is low and in need of a refill, you already understand the value of having money set aside for urgent situations. Rebuilding your emergency fund is a smart money move for safeguarding your current finances and lifestyle. With a fully stocked emergency savings, you’ll be prepared to handle life’s curveballs.
Here are some easy tips for rebuilding your emergency savings fund so you can have the money you need, when you need it!
Set up automatic transfers directly into your emergency savings account. If possible, contribute five percent of your paycheck, or a set dollar amount based on your budget (such as $25) each payday. CCCU can help your savings grow even faster with a competitively tiered rate Money Market Account or a Certificate of Deposit.
Reducing monthly expenses can give you extra money to replenish your emergency savings. Find ways to lower costs, including switching to a less expensive cell phone plan, eliminating cable or streaming services, stop dining out, and more.
Consider taking on an additional part-time job or freelancing your existing talents to increase your income. You can also sell unused or unneeded items to help bring in extra cash for your emergency fund.
Deposit excess money from things like income tax refunds and bonus checks to cash gifts, into your savings account. It’s a wise money decision to save as much as you can for unforeseen events.
Make it a priority to rebuild your emergency fund as soon as possible. Include emergency savings in your monthly budget just as you would any other bill or payment. Prioritizing your emergency savings now will save you from experiencing undue financial stress later.
If you're ready to start building an emergency savings fund to secure your financial future against unexpected events, CCCU is here to help! We have a variety of savings account options, financial resources, and free budget templates to get you started.
If you'd like help determining the best strategy for your unique financial situation or need assistance getting a loan, contact us today!
