Saving money is essential for financial stability and preparedness. One of the first steps in saving is to build an emergency fund to cover unexpected expenses like medical bills or car repairs. Here are a few tips for building an emergency fund and planning for future expenses:
Start By Setting a Savings Goal
Aim to save at least three to six months’ worth of living expenses in your emergency fund. This amount can provide a financial safety net in case of job loss or unexpected expenses. While this can seem daunting at first, it is ok to start small. Try to save just one month’s worth of living expenses in your emergency fund, and then increase your goal as time goes on.
Automate Your Savings
Make savings a priority each month by setting up automatic transfers from your checking account to your savings account. Treat your savings contributions like any other monthly expense, and your emergency fund can grow hands-off. If one large transfer every month feels like too much, break it up into smaller bi-weekly or weekly contributions.
Cut Unnecessary Expenses
Find ways that you can free up more money for savings. Look for areas of your budget where you can reduce spending, such as dining out less often, canceling unused subscriptions or negotiating lower bills for services like cable or internet. Additionally, your HomeFREE Checking™ account benefits can help you save money, too. Use your HomeFREE debit card to earn points on purchases that are redeemable for merchandise, gift cards, cash back, travel experiences and more. Also, take advantage of the SESLOC Local Rewards Program¹. You can earn bonus SESLOC Rewards points2 on eligible debit and credit card purchases at participating local businesses. Then you can redeem your points for gift cards, cash back and many more awesome rewards at seslocrewards.org — helping you get the most out of your budget.
Open a Savings Account
Consider opening a savings account to earn interest on your savings. Remember that SESLOC is dedicated to providing you with the most competitive rates and options with low fees. Our team of professionals is standing ready to help you identify the best option to suit your needs.
Remember, building up your savings will take time, but every little bit counts. Once you’ve built up your emergency fund, continue saving for other financial goals, such as buying a home, taking a vacation or saving for retirement. Set specific goals and timelines to keep yourself motivated and on track.
Prepared by NXG | Strategies, Copyright 2024.
1. Local Rewards bonus points are earned on purchases made at participating Local Businesses only. Participating Local Businesses (“merchants”) are subject to change at any time without notice. Participation in Local Rewards does not constitute an endorsement on the part of either the merchant or SESLOC Credit Union. Purchases made at participating merchants processed through third-party services (e.g. DoorDash, Grub Hub, Uber Eats ect.) may not qualify for bonus points under Local Rewards. Local Rewards is part of the SESLOC Rewards program; see seslocrewards.org for complete terms, conditions, restrictions and eligibility that apply. For any questions regarding Local Rewards, contact SESLOC Credit Union.
2. The SESLOC Rewards program (“Program”) is a service provided by SESLOC Credit Union (“Sponsor”) and managed by ampliFI Loyalty Solutions, LLC (“Administrator”). Participation in the Program is exclusive to those who have a current HomeFREE CheckingTM debit card or a SESLOC Visa Signature® Rewards credit card issued by the Sponsor. There is no pre-registration required. By making eligible transactions with a HomeFREE Checking account debit card and the SESLOC Visa Signature Rewards credit card, the cardholder is accepting the terms and conditions of the Program. See seslocrewards.org for Program terms and conditions. You retain the option to utilize these services as long as you are a HomeFREE Checking or SESLOC Visa Signature Rewards cardholder. Subject to terms and conditions. Sponsor and Administrator reserves the right to modify, expand, discontinue, or retire any part of the program at any time.
