If you find that your emergency fund and savings accounts have dwindled down during these uncertain times, you are not alone. Follow these four steps to help get them back to where they should be.

Set a goal. Before getting started on saving up money, it is a good idea to establish a tangible goal. What’s your magic number? You can try to recover the value of the savings lost, or start smaller, with a more attainable goal. Experts recommend having funds to cover three to six months’ worth of living expenses set aside in an emergency fund or savings account.

 

Review your budget and reduce your spending. A good place to start finding those extra dollars for savings is by carefully reviewing your spending for ways to cut back. Look for expenses that can make a difference in a monthly budget without dramatically affecting your quality of life. Think about subscriptions or services that are rarely used, a dining-out budget that can be scaled back, or expensive recreational activities you can forego.

 

Make a plan. Once you have a goal in place for building your savings, and you have maximized the possible monthly contributions toward savings each month, it’s time to create a plan. Map out a timeline of how long it will take to reach your goal when putting away as much as possible each month. Remember: the more aggressively you save now, the sooner you will reach your goal.

 

Start saving. It’s time to put the plan into action. The best way to ensure regular savings happens each month is to make it automatic. Set up an automatic transfer from your SeaComm checking account to your savings on a bi-weekly or monthly basis. To learn more about your savings options, call us at (800) 764-0566 or visit your nearest SeaComm branch location.