We know we need to save more—and the stats confirm it. Nearly 46% of consumers say they would not be able to pay for an emergency that costs $400.1
By building up your savings account balance, you’ll be better prepared when an emergency strikes. You can handle an unexpected expense instead of having to skip other bills or borrow money. If you have little or no savings, start with a goal of saving $500, and then build from there.
Save for your future goals, whether you want to buy a new home or car, go on vacation or start your own business.
Studies show that parents who save are modeling healthy habits for their kids. If you save now, your children are more likely to save for their own financial futures, too.
Set a savings goal for your child’s college tuition, so your child is less reliant on student loans and debt.
See helpful tips and ideas about how to save money here.
It’s important to make saving a habit. That means start ASAP, save regularly and then let your savings grow over time. Set up recurring transfers from your checking account into your savings account to simplify your savings. Saving just $1 a day will get you $365 in 1 year.
Set up automatic savings in digital banking in three easy steps:
Remember to track and monitor your checking account balance. When the automatic transfer comes out of your checking account, be sure that you have enough money remaining in your checking account to pay for upcoming payments so you don’t overspend. You can always go in and cancel a transfer to your savings if necessary.
Then, get back to your automatic savings habit so you can save seamlessly. Experience peace of mind, knowing you have a safety net when needed.
1 “4 tips to spring clean your finances” blog post from the Consumer Financial Protection Bureau (CFPB).