Build an Emergency Fund in 2020 | Cleveland Bradley County Teachers Federal Credit Union
Life happens, and we can’t always know what is to come day after day. However, what we can do is be financially prepared by establishing a strong emergency fund.
Our team at Cleveland Bradley County Teachers Federal Credit Union wants you to learn how you can build an emergency fund so that when the challenges of life happen, you can be as financially prepared as possible.
Ways to Build an Emergency Fund
While there are a number of ways you can go about establishing an emergency fund, it is important to make sure you take the avenue that works best for you and your finances.
One of the first things you want to make sure to do is set a monthly savings goal for yourself. If you have already established a budget, go ahead and add a column for savings so that you are sure to set money back each month for your emergency fund.
Even if you can only put back $50 or $100 a month for your emergency fund, it is still better to put what you can inside your account so that you are working toward your goal.
Second, you want to keep the change you get from your purchases. You might be surprised how much the dollars and cents from your change can add up to big bucks for your emergency fund.
Set a jar aside in your home. Every time you come home, put any change you have collected while out and about into the jar. Then, when the jar fills up, put the money in your savings account and start all over again!
Finally, if you will be getting a tax refund, that money would be the perfect start to your emergency fund. Therefore, go ahead and use your tax refund to start a strong emergency fund for 2020. That way you can be closer to your goal, and, if anything does occur, you don’t have to worry about the financial aspect.
Are you looking for a place to put the money you are saving for an emergency fund? Our team at Cleveland Bradley County Teachers Federal Credit Union is here to help! Give us a call today to learn about our savings account options.