The past year has taught us that we have to be as prepared as possible for the unexpected. While we all have future savings goals, having an emergency fund to support present unaccounted for needs, like a car breakdown, dental bill, or even a last minute fun treat should be a top priority.
Nearly a quarter of savers who take the America Saves pledge chose “emergency savings” as their first wealth-building goal. And they have the right idea. Research shows that low-income families with at least $500 in an emergency fund were better off financially than moderate-income families with less than this amount. Yet most Americans don’t have enough savings to cover an unexpected emergency.
So how do you start? The easiest and most effective way to save is automatically. This is how millions of Americans save. Peoples State Bank can help you set up automatic savings by transferring a fixed amount from your checking account to a savings account on a recurring basis. Learn more about saving automatically.
Get started today! Those with a savings plan are twice as likely to save successfully. This includes setting a goal to build an emergency fund and deciding how much you want to save each month. A great way to do that is with the America Saves pledge, so click the first link in this blog post.
For more on emergency fund savings, click here.
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