SeaComm Federal Credit Union OFFICIAL BLOG

3 Steps to Help You Build an Emergency Savings

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If you struggle to finance your life after your bills have been paid, you’re in good company. Nearly 8 in 10 workers in the U.S say they live paycheck to paycheck. But with a cohesive financial plan and a little extra diligence, you can grow a substantial savings. Here are 3 simple steps to take that will help you to build an Emergency Savings account, for when you need it most.

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Acknowledge your plan of action. Are you saving enough? Are you saving at all? If you aren’t setting enough money aside for unexpected occurrences, you are one step closer to experiencing a financial disaster. Meeting with a SeaComm Financial Services Representative can help you to determine an effective route to take, once you decide on a realistic and sufficient amount to save on a regular basis; whether that means opening a Regular Savings account and scheduling automatic transfers, or investing your money in a Share Certificate, which will lock your funds away for a designated amount of time while also earning interest. Click here to learn more!

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Start to track your spending. Through the use of SeaComm’s NetTeller™, you are able to view your daily spending patterns from the comfort of your computer or mobile device. It’s necessary to always keep your NetTeller™ handy, ensuring that your spending stays within budget, your bills come out on time, and that if need be, you can transfer money from your Emergency Savings with just a few clicks. Don’t have NetTeller™? Give us a call at 800-764-0566 to get started!

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Focus on the future. Now that you have a plan of action and a way to better understand your spending patterns, how will you maintain this in the future? Focus on where you want the state of your finances to be in the long term – five, 10 or even 20 years down the road. By setting a series of small financial goals or benchmarks, you will find yourself in a much more organized and successful financial path. You might consider meeting with SeaComm’s Personal Financial Advisor – where you will be assisted in achieving your personal finance goals, including retirement planning, investment planning, education funding, estate conservation and more. To schedule a meeting, click here!

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