6 steps to save for an emergency

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More than 50% of individuals couldn’t cover a $1,000 emergency expense1

You never know what will come your way. If you’re faced with an unexpected financial need, an emergency fund can help give you peace of mind and control over your finances. 

Common types of emergencies are:
  • House repair
  • Car repair
  • Medical expenses
  • Job loss
  • Funeral and family emergencies
  • Unplanned travel costs

Saving even just $10 a week consistently can add up over a longer time period. You’ll also benefit from compounding interest, meaning any earnings on your savings stays in your account and can generate its own earnings over time.

  $10 $25
1 year $520 $1,300
5 years $2,600 $6,500
10 years $5,200 $13,000

The totals in the chart are hypothetical and assumptions is the accumulation of saving each amount per week for the number of years listed.

Steps to get you started:
  1. Start with a goal of saving $1,000 and increase that target to three to six months of income.
  2. Set up automatic deposits into your savings account.
  3. If your bank allows, create separate accounts to save for different goals.
  4. Be sure you can access your account, if needed.
  5. Check to be sure you have the proper amounts of health and home insurance to protect your income and savings and avoid bankruptcy.
  6. Start small and gradually increase your savings over time. Starting small can add up.

1 Nerdwallet 2023 consumer savings report 05/09/23 https://www.bankrate.com/banking/savings/emergency-savings-report/

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