Save for Emergencies this America Saves Week!

The following post comes from the Military Saves Blog.  Follow them on Twitter and Facebook.

 Have you thought about what your America Saves Week goal will be? If not, consider making your goal to open or add to a savings account to save for emergencies.

Many of us have savings accounts, but don’t add to it regularly, but having a savings account with funds set aside for emergencies can be crucial to staying out of debt. Take the pledge this year to save $250 or more to be put aside for emergencies. It’s easier than you might think! By simply putting $10 a week into your savings account, you can have an emergency fund with more than $500 at the end of the year! 

Each year during America Saves Week individuals pledge to pay off debt, save for a house or a car, or even save for a child’s college expenses. These are all good financial goals, however an emergency fund is critical to their success. Below are a few examples of how an emergency fund relates to each: 

If you own a home:  An emergency fund can be used to replace a stove or other appliance, a roof, or possibly a floor or wall damaged by water or mold. No one wants these things to happen, but they can, and often do at the most inconvenient time. 

If you own a car:  An emergency fund is critical to helping to pay for maintaining a car, as well as for a flat tire, broken window, or other unexpected repair. 

Taking care of a child’s educational needs: Children have constant school needs including fundraisers, school trips, uniforms, sports and club activities. Wouldn’t it be terrible to have your child accepted to choir or the debate club, or school sports team, then not have the money to pay for their uniform, trip to an annual competition? You also want to make sure that you don’t just save for a child’s college tuition, but also for activity fees, and a way for them to come home to visit during holidays and winter and spring breaks. An emergency savings account can help with all of these. 

The America Saves Week theme is “Set a Goal. Make a Plan. Save Automatically!” Make sure you incorporate each of these declarations into your America Saves Week goals and your year-round financial goals so that you are well prepared for life’s unexpected events, and to stay on the path to financial security! 

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Katie Bryan | November 29, 2013

    Transferring money from checking to savings is the fastest way to #save $500 to $1,000 http://ow.ly/PZR8h 

Saver Stories View all »

Developing a Savings "Game Plan"

Written by Katie Bryan | October 28, 2013

Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”

Read more...

Getting Out of Debt

Written by Katie Bryan | October 28, 2013

In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.

Read more...

Challenging Herself to Save

Written by Sara Cooper | April 15, 2014

It all started when Marchale Burton overheard Alabama cooperative extension colleague Isaac Chappelle, coordinator of Alabama Saves, explaining how saving just a little bit – even change – is all it takes to become a saver. “I thought about that,” Burton said, “and wanted to see if it would work.” So, she challenged herself to see how much change she could save.

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving