{"id":6690,"date":"2019-02-05T20:25:15","date_gmt":"2019-02-06T01:25:15","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=6690"},"modified":"2019-04-23T15:43:01","modified_gmt":"2019-04-23T19:43:01","slug":"emergency-savings-how-to-prepare-for-the-unexpected","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/emergency-savings-how-to-prepare-for-the-unexpected\/","title":{"rendered":"Emergency Savings: How to Prepare for the Unexpected"},"content":{"rendered":"\t\t
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Dealing with an emergency is stressful, but not having the money to pay for it is even worse. Luckily, you can take steps to build an emergency savings fund so you\u2019ll always have a financial safety net. Here are three easy ways to financially prepare for the next time you\u2019re faced with an emergency expense.<\/p>

  1. Start by saving just $10-$20 per pay period.<\/strong><\/li><\/ol>

    Saving money doesn\u2019t have to be a heavy lift. You can start by setting aside as little as $10 into your savings account each time you get paid. You\u2019ll be pleasantly surprised to see how your small contributions add up over time.<\/p>

    You can take your savings a step further by saving automatically. Did you know that saving automatically is one of the easiest and most effective ways to save? That\u2019s because when you save automatically, you can set it, and forget it.<\/p>

    Contact the human resources or payroll department at your job and ask about direct deposit. They\u2019ll give you the right paperwork to complete. You\u2019ll need your account number and routing number, so be sure to have that information available.<\/p>

    Once you begin saving automatically, you\u2019ll be paying yourself first and your emergency savings account will grow each pay period. Saving automatically is a great way to set yourself up for success. If you start today, six months from now you\u2019ll have half a year\u2019s worth of savings set aside for life\u2019s unexpected expenses.\u00a0>> Learn more about saving automatically.<\/a><\/em><\/p>

    1. Ballpark your expenses to find more ways to save.<\/strong><\/li><\/ol>

      Once you have an idea of exactly where your money is going, you\u2019ll be able to cut costs and make some changes to find more money to save. Even if you don\u2019t think you have any money to spare, give it a try.\u00a0>> Check out 54 ways to save from America Saves.<\/a><\/em><\/p>

      Start by calculating your income. Include your pay from work, as well as any additional income you receive. Once you\u2019ve determined your earnings, calculate your expenses. Be sure to include your needs like your rent or mortgage, phone bill and insurance first. You can include things like entertainment later. \u00a0<\/p>

      Subtract your expenses from your income. If you have money left over, you can increase your automatic savings deposit. The more you save now, the more money you\u2019ll have set aside in the future. Your savings will be especially helpful in the event of an emergency.\u00a0>> Learn how to plan your finances.<\/a><\/em><\/p>

      If you find that you have absolutely no money left over after your expenses, you might want to consider finding a secondary source of income.<\/p>

      1. Make a commitment to saving.<\/strong><\/li><\/ol>

        Savers with a plan are twice as likely to save successfully. You can set a goal and make a plan by taking the America Saves pledge. When you\u00a0take the pledge<\/a>, you\u2019re making a personal commitment to save money and reach your savings goal.\u00a0>> Take the America Saves pledge.<\/a><\/em><\/p>

        When you take the America Saves pledge, you\u2019ll start receiving helpful savings tips about planning your finances, building credit and reducing debt. You\u2019ll also receive information about the goal you\u2019re saving towards.<\/p>

        Saving money can be made easy, start small and think big.<\/p>

        Guest Contributor:\u00a0<\/strong>Darlene Aderoju, America Saves<\/em><\/p>

        Announcing the AFCPE\u00ae<\/sup>\u00a0Connect to an AFC\u00ae<\/sup>\u00a0Pilot<\/strong><\/p>

        Need some additional support reaching your savings goal?\u00a0 We have resources to help! America Saves and AFCPE\u00ae<\/sup>\u00a0are partnering to connect you one-on-one with an Accredited Financial Counselor\u00ae<\/sup>\u00a0(AFC\u00ae<\/sup>) who is committed to answering your financial questions and providing you with\u00a0free<\/em>\u00a0and unbiased financial advice that is tailored toward your personal financial goals.<\/p>

        Ready to meet your savings goal? Make sure to make a commitment to save by\u00a0completing the America Saves Pledge<\/a>\u00a0during America Saves Week 2019 (February 25 \u2013March 2) and then complete the AFC\u00ae<\/sup>\u00a0interest form that will be sent to your email.<\/p>

        Share this opportunity!<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

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        February 05, 2019<\/span><\/h4>

        \u00a0<\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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        Dealing with an emergency is stressful, but not having the money to pay for it is even worse. Luckily, you can take steps to build an emergency savings fund so you\u2019ll always have a financial safety net. Here are three easy ways to financially prepare for the next time you\u2019re faced with an emergency expense. Start by saving just $10-$20 […]<\/p>\n","protected":false},"author":4,"featured_media":6692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[38],"tags":[],"class_list":["post-6690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saving"],"acf":[],"yoast_head":"\nEmergency Savings: How to Prepare for the Unexpected - AFCPE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/emergency-savings-how-to-prepare-for-the-unexpected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emergency Savings: How to Prepare for the Unexpected - AFCPE\" \/>\n<meta property=\"og:description\" content=\"Dealing with an emergency is stressful, but not having the money to pay for it is even worse. 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