Life is unpredictable. It doesn’t matter how much you plan; sometimes, things pop up that can be very expensive! Having money saved for planned and unplanned events can help you manage financial stress.
Here are four ways to help you start building your savings:
1. Emergency Fund
An Emergency Fund is exactly what it sounds like – funds to have in case an emergency happens. With this type of savings, you put money into an account and do not touch the funds. For instance, if your refrigerator dies or you have an unexpected medical expense, you can pull money from the emergency fund to cover those costs.
2. The “I can touch” Fund
The “I can touch” Fund is for planned expenses. These are for things that aren’t necessities, such as gifts, travel, or beauty appointments. When the time comes for a holiday or a birthday, you know you have money for gifts.
3. Goal or Purchase Specific Savings
This type of savings is to put money towards something specific, such as a wedding or a car. Figure out your price and timeline until the purchase and break it down by monthly or weekly payments to your savings account.
4. Retirement Savings
When considering retirement, you might want to consider investing money rather than putting it in a standard savings account. Invested money has the potential to earn more interest than a traditional savings account offers.
MVCU has the tools to help you save!
No matter what savings option fits your lifestyle, MVCU has many options to help you reach your goals!
Category: Saving & Investing Money
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