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Day Two of America Saves Week has us preparing for something that we should all actually expect: To have an “unexpected” financial emergency.
Today, for Save for the Unexpected Day of America Saves Week, we’ll check in with ourselves to ensure that we are building an emergency fund.
Yesterday we mentioned that saving is a habit, not a destination. The best place to put that into practice is when you are building an EMERGENCY FUND.
For decades financial gurus have told us that we need to have 3 to 6 months of expenses saved to be financially secure.
While the more you can have socked away for a rainy day, the better, for most Americans, saving that amount is overwhelming and scary.
But, when you focus on building your HABIT of saving and start with a small goal of just $500, that seems much more attainable. Then, once you achieve that milestone, you can confidently keep going!
Before you know it, saving has become a lifestyle. You’re saving automatically and building your rainy day fund!
If you haven’t, we encourage you to take the America Saves Pledge. Not only will you have a new savings plan, and receive support, reminders, and tips from America Saves, you’re halfway to being eligible to be entered to win one of our TWO $500 cash prizes in the #ImSavingFor Sweepstakes!
Need help getting into the savings habit: A Financial Coach or a Daily Money Manager can be a good partner for you!