Enjoy Life's Pleasures Without Financial Stress
It’s always a good idea to save for a rainy, or sunny day! Often, it seems we are saving to prepare for those “rainy day” emergency expenses, which is certainly a great thing to do. But what about those “sunny day” fun expenses? Such as concerts, vacations, or maybe going to watch your favorite football team play live! It would be great to be able to do these things without worrying about the financial burden hanging over our heads. Here are a few key saving strategies to help you begin:
-
Set up special purpose savings accounts. Did you know that we offer special purpose savings accounts? You can set up as many special purpose savings shares as you would like, with no cost or fees. Dedicate each savings account to a specific category of rainy- or sunny-day expenses, ex: vacation savings, holiday savings, boat savings. You can open these accounts right through online/mobile banking, or you can contact a friendly representative to help you through this today.
-
Make slush fund savings a habit and try automating it. Get in the habit of socking away a portion of your weekly or biweekly paycheck in each of your savings’ accounts. You can start small with just a few dollars a month. Consider setting up direct deposits to automatically move some of your paycheck into the special-purpose savings accounts.
-
Make a list of upcoming events, wants, or expenses you’re likely to have in the coming years. In addition to car maintenance and house repairs, the list could include a new TV or a vacation to Disney World!
Having a sunny day slush fund can help you stay financially healthy. When new expenses strike, you’re less likely to turn to more costly ways of borrowing money, such as credit cards or personal loans. Saving specifically for slush fund expenses and separating those savings from an emergency fund has an additional benefit: you will be less likely to tap on those reserves for purposes other than what they’re meant for. Though you’ll never be totally prepared for everything life throws at you, knowing you’ll be able to ride through some of the financial bumps in the road while also splurging on those bucket list items should help you rest easier.
Live Smarter
If you have any questions or need help setting up your special purpose savings accounts, call us at 315-735-8571 or make an appointment with one of our friendly Member Service Representatives today.
Bring This Session To A Live Setting
If you would like to schedule our Community Educator for a seminar or workshop for any Financial Friday educational topic, please email your request to FinancialEducation@fsource.org
Interested in learning more? There are also additional resources which have been created specifically to help you gain financial freedom. Feel free to use these anytime.