Life has a way of throwing curveballs. Whether it’s an unexpected car repair, a trip to urgent care, or a sudden change in income, having an emergency savings fund can help keep life’s surprises from turning into financial stress.
At Richwood Bank, we believe peace of mind is part of financial wellness—and having money set aside for emergencies is one of the best ways to protect yourself and your family. If starting a savings fund feels overwhelming, don’t worry—we’ve got a few simple tips to help you build it into your budget and your routine.
1. Budget with Savings in Mind
Saving doesn’t have to mean setting aside hundreds of dollars at once. Start by building savings into your monthly budget—even $10 or $25 each paycheck adds up over time. The key is to make saving a regular habit, just like paying your bills or buying groceries.
2. Make It Automatic
One of the easiest ways to grow your emergency fund? Set it and forget it.
Use your employer’s direct deposit to send a portion of your paycheck straight to a savings account. No extra steps, no temptation to skip it—it just happens. You can also set up an automatic transfer from checking to savings each month.
3. Choose the Right Savings Account
You want your emergency fund to be accessible—but not too accessible.
A basic Simple Savings account can do the trick. With limited withdrawal options—like needing to come into the branch—it helps you think twice before dipping into those funds. Remember, this account isn’t for everyday use. It’s there when life throws something big your way.
4. Use Tools That Make It Easier
Not sure how to get started? Our friends at Banzai offer a fantastic interactive tool that walks you through building an emergency fund step by step. It’s free, easy to use, and helps you set goals that make sense for your life.
You’ve Got This—And We’ve Got You
Building an emergency fund doesn’t have to be hard—and you don’t have to do it alone. Whether you need help setting up automatic transfers, opening a savings account, or just want to talk through your budget, our team is here for you.
Stop by your local Richwood Bank branch or learn more about the savings options here. Because when you’re financially prepared, everything feels a little easier.
While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.
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