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 Tammy G. Bruzon | January 16, 2017

    Your #taxrefund will continue to grow if you put it into savings or retirement http://bit.ly/2hZ6s8A @AmericaSaves

Saver Stories View all »

Starting Over

Written by Katie Bryan | October 28, 2013

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...

Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

Read more...

Coping with a Lost Job

Written by Katie Bryan | October 28, 2013

Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer downsized the company, resulting in hundreds of lost jobs, including Aimee’s.

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