Saving money is hard to do if you wait to pay yourself (contributing to a savings account) last. That’s why ‘payyourself first’ has been a rule successful savers use. It’s especially important if you are saving for an emergency fund. If your air conditioning needs repair, if you need new tires, or have trees fall in your yard – all of these unplanned expenses can wreck the budget. If you have an emergency fund – then handling surprises in stride become a habit.
It’s easy to think – I will contribute next payday. You go out to eat, buy new clothes – maybe go to a sports event and then several months later, when you have an emergency you have no funds to handle the issue. Your only resort may be to get a loan or use a credit card to finance your emergency. Debt is not a negative thing, but if credit is all you have to manage unexpected events – then consider the peace of mind of having a fund set aside just for that purpose.
Weekly or bi-weekly contributions will definitely help your emergency fund grow. You can use this money for repairs, unexpected events – or just as a buffer. We know that larger deposits and needed withdrawals will change the balance but even saving $25 a week can really do for wonders for your emergency fund.
Bottom line – if you’re looking to save money that can help you handle life’s surprises, you can do that at Mutual Savings Credit Union. Want to see how your money can grow? Research the power of compound interest. There are also many free financial calculators and tools on the internet.
We invite you to watch your money grow at Mutual Savings Credit Union. You can do that at Mutual Savings Credit Union