5 Tips to Help Save for an Emergency

May 05, 2023

Saving money might feel out of reach at times, but consistently putting away even small amounts of money can make a big impact over time. Check out our tips on how to save for an emergency, make saving a part of your everyday routine, and set cash aside to watch it grow.

Saving for an Emergency

Emergencies can hit without notice. Learning how to save for an emergency can help make you financially prepared. Here are 5 tips to help save for an emergency.

1. Give yourself financial security with an emergency savings fund. Start by putting aside what you can afford in order to help cover many common emergencies, such as a car repair or medical bill, that could otherwise become costly debt. Prioritize a dedicated savings account for these unexpected expenses as one of your top savings goals, and as you get a better handle on your overall financial situation, you may decide to set more aside.

2. Set rules for your emergency savings–but don’t be afraid to use it. Set guidelines for yourself for when you can spend down this savings fund and what constitutes an emergency, but if you need it, don’t be afraid to use it. That’s what it’s there for. Just remember to work to rebuild it.

3. Make saving easy by making it automatic. Use Stash Your Cash to have money automatically transferred into your savings. Recurring transfers scheduled for every week or month are also considered one of the most effective ways to build your savings. You can set up transfers in Online Banking.

4. Put extra money into savings at times when you have it. There may be weeks when money is tighter than others. Take the opportunity to put money into savings when you have it.

5. Use your tax refund to help you reach financial goals. For many Americans, a tax refund can be one of the largest checks they receive all year. Make a plan now to dedicate a portion of that money to saving for some of your larger financial or savings goals.

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If you have funds that you know you won’t need for an amount of time, earn high dividends on your money by planting it in a Certificate Account for a fixed term. Some certificates can earn you big money just by planting it, leaving it, and watching it grow. Check out our Certificates page for new deals and long-term earning options.