When life comes at you a little too fast, CCFCU wants you to be prepared. Having a savings account especially for “rainy day” funds, or emergency funds, is always a great idea. We never know what can happen and there is no such thing as too prepared. Below are a few of great tips on starting and keeping up with your “rainy day” savings.
- Start Small: The best way to save for an emergency is BEFORE it happens – not while you are in it.
- A small fund is better than no fund.
- Start small by keeping $50 – $100 every paycheck to save.
- Save Securely: Reduce temptation – secure your money against your own temptation. If money is easily accessible, you may be tempted to spend it. Consider putting some distance between you and your emergency fund.
- Remember that emergency funds must be liquid not tied up in investments. In other words, you must be able to access your money quickly after a crisis occurs in your life.
- Keep Going: Some experts say that $1000 is sufficient emergency fund, while others suggest 3-6 months’ worth of expenses.
- Play it safe, once you have save enough to help pay for insurance deductibles, KEEP GOING, you never know when you may need it.
Rainy day funds … just another way CCFCU is present for you.