April marks the beginning of Financial Literacy Month, making it the perfect time to evaluate and improve your financial well-being. While covering your monthly expenses is essential, true financial security comes from having a solid emergency fund. Without one, unexpected events like car repairs, medical emergencies, or job loss can put a serious strain on your finances. By proactively building an emergency savings fund, you protect yourself from financial setbacks and reduce stress when unforeseen circumstances arise. Follow these essential tips to start and grow your savings today. 1. Make sure your savings isn’t too easy to access. Put your savings someplace where it’s easy enough to access in an emergency (like a savings account), but not too easy to get to on a whim (like under your bed at home). 2. Set savings goals. Aim to build savings that covers 3 months of living expenses for emergencies. Anything else that you want to save for (like vacations or buying a home) should be in addition to this. Financial Tip: Don’t get discouraged if you can’t save a lot right away. Every little bit counts. Saving $50 a month will lead to a savings of $600 in one year! 3. Separate your accounts. Keep a savings account that’s separate from the account you use to pay your bills (like your checking account or a prepaid card). This separation makes it less tempting to use your emergency fund for everyday expenses while still allowing you to access it when truly needed. 4. Make saving hassle-free. Set-up automatic transfers from your checking account or paycheck into a savings account. This "set-it-and-forget-it" approach ensures consistency and helps you grow your savings effortlessly over time. For EECU Members, you can set up custom recurring transfers through online banking. 5. Earn interest. Make your savings work for you by choosing an account that earns interest. EECU offers several different interest-earning savings accounts to help you grow your money. Make your savings work for you by choosing an account that earns interest. EECU offers several different interest-earning savings accounts to help you grow your money.
At EECU, your financial well-being is our priority. Whether you’re opening a savings account, exploring investment options, or looking for expert financial guidance, we’re here to support you every step of the way. Contact us at (817) 882-0800 or stop by one of our Financial Centers to learn more about building your emergency savings and securing your financial future. Start your journey toward financial peace of mind this Financial Literacy Month—your future self will thank you! Be sure to check out the Financial Literacy resources on our website to discover more ways to improve your overall financial health.