Take Steps Toward Building a Strong Emergency Fund | St. Johns Bank
If your roof were to spring a leak or your car battery die, would you have the money to cover the costs?
Many times, Americans fall into debt not because they are irresponsible with money, but because they don’t have the financial means to cover unexpected costs, which can lead to debt. Building an emergency fund can help to eliminate this problem.
Our team at St. Johns Bank is here to help you take the steps needed to build a strong emergency fund.
How to Save
We cannot always plan for when things happen, but we can prepare in the best way possible. By establishing an emergency fund, you can take the financial stress out of any situation that might come your way.
First, you want to create a budget that includes a savings column. This will help you visually see that your finances are just fine even when you’re devoting part of them each month to building an emergency fund.
Better yet, go ahead and set up an automatic money transfer where part of every paycheck is immediately moved into your savings account. Money that’s out of sight is also out of mind!
In addition, you might want to start a collection jar of any change you collect around the house and in the car. Chances are that you have more money than you realize when it comes to loose change hanging around the home.
You could also cut back on purchases each month, and put the money you save into your emergency fund. Rather than eating out several days of the week, start cooking at home and putting the money into your savings account. Or if you stream movies more than you watch cable programs, cut off cable and use that money to put into a savings account instead.
Now that you are taking steps to build an emergency fund, where are you putting that money? Contact our team at St. Johns Bank today to learn how our savings account options can help keep your emergency fund safe!