Everyone agrees that emergency savings are ideal. Personal finance experts have preached the importance of setting aside three to six months of living expenses for emergencies or a “rainy day.” 

When you’re living paycheck to paycheck, struggling financially, and possibly not making a fair living wage, saving such a large amount seems impossible. The reasons often given to save are negative — your car breaks down, you lose your income, an appliance needs to be replaced, or a medical emergency — and it’s hard to stay motivated.

But here’s something not discussed as often: saving for the unexpected positions you take advantage of OPPORTUNITY. Let’s say that you have been saving $20 every paycheck for the past year. A friend called you to share that they just got a promotion and would love to celebrate with dinner at a nearby restaurant. You’re excited for your friend and want to go, and because you have money in your savings, you can pull $50 out to attend. Because you chose to save, you could participate in that unexpected opportunity! 

If saving for an emergency has been a struggle, would it be easier to reframe the concept to saving for opportunities? We think so and invite you to create your “Opportunity Fund.”

Whether you’re saving for emergencies, opportunities, or (hopefully) both, the easiest and most effective way to save is automatically. Saving automatically allows you to “set it and forget it.” We’ve all heard the mantra to pay yourself first. You can do this easily by setting up a split deposit with your employer and directing a portion of your paycheck into savings. If direct deposit isn’t available through your employer, you can save automatically by having your financial institution set up an automatic transfer from checking to savings. No matter how you choose to save automatically, the most important thing is building the habit of saving — no amount is too small to save.

If you’re ready to start your savings journey but unsure where to begin, stop in at any of our 10 locations, and we'll be happy to help.