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Save for Emergencies

Are you one of the 66 percent of Americans who have sufficient emergency funds?

If not, America Saves Week, Feb. 27-March 4, is an opportunity for you to get started. 

America Saves Week (https://americasaves.org/), sponsored by the Consumer Federation of America,  promotes good savings behavior. About 25 percent of those savers who take the saving pledge chose “emergency savings” as their first wealth-building goal.

An emergency savings fund is money that can be accessed easily in case of an emergency. A lot of experts suggest having enough money in an emergency fund to cover three to six months of expenses. However, just having something is better than nothing. Start with $500 to $1,000 in an account for unexpected expenses such as a car repair, doctor visit, dental expenses or broken appliance that needs to be replaced.

 Do:

  • Make sure you can get to your money in case of an emergency. Choose a savings account that does not penalize you for making withdrawals.
  • Automate your savings. Have a certain amount of your paycheck, say $100 a month, deposited into a savings account.
  • Take the America Saves pledge (https://americasaves.org/for-savers/pledge) today.



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