How to Build an Emergency Fund The infamous 2020 is now over, but there is still some time left to go before everything goes back to the world as we knew it. At Financial One, we’ve been thinking about how we can help members set and reach financial goals in the new year. We’ve learned that having an emergency fund can greatly help you if something unexpected happens. According to a report by the Federal reserve, almost 40% of American adults won’t be able to cover a $400 expense without charging it on a credit card or taking out a loan. Emergencies such as car repairs, home repairs, and medical bills, are often more than $400, creating debt that is difficult to pay off. An emergency fund can help you be prepared for these events, and we want to help you create an emergency fund to help you anticipate any emergencies. STEP 1: SET YOUR GOAL The goal for setting an emergency fund can change depending on the person and the situation. With a partner throughout your financial journey, it will be easier to get all of your options and narrow it down to fit what you are looking for. Specific goals can help you stay motivated and schedule out when to contribute to your emergency fund. STEP 2: START SMALL Starting small is important to make sure you still have enough money for what you need while establishing the regular amounts you want to deposit. You can work with your financial partner to find the right amount to start at so that you can keep your normal budget. STEP 3: MAKE STEADY DEPOSITS Along with starting with small amounts, steady, regular deposits can help your emergency fund get to your goal quickly and without trouble. Any amount you pick should easily fit into your weekly or monthly budget. Talk with your financial advisor to find out more about what that amount might be. STEP 4: KEEP A SYSTEM Automating the deposits for your emergency fund is an easy way to maintain a consistent inflow of money for any unexpected incidents. This also helps you monitor the progress you are making towards your goal. Your progress is important to keeping your emergency fund going. Remember to check in every once in a while to make sure you are staying on track. STEP 5: CELEBRATE YOUR SUCCESSES Every success should be celebrated. Whether it’s your first deposit, your halfway-point deposit, or your final deposit, every cent matters while making your emergency fund. Be sure to celebrate your small victories to stay motivated and on track. We love celebrating every success our members have, including yours! As part of your New Year’s resolution, create a healthy goal to keep your finances in check. If you would like a financial partner to guide you through making an emergency fund, give us a call! We would love to help you with getting your financial goals in place for all of 2021. CONTACT US TO SET YOUR GOALS JANUARY 7, 2021 0 LIKES Previous Winter Blues - Taking a Loan to Get to Where You Want to Be LOANS Next Tis’ the Season of Giving BUDGETING, CHARITY, FINANCIAL ONE, DONATIONS, HOLIDAYS, CREDIT UNION, TIPS How to Avoid Common Scams and Fraud Nov 15, 2021 Minneapolis Fall Home Maintenance Checklist Oct 29, 2021 How to Plan Your Finances for the Last Quarter of the Year Oct 3, 2021 How to Avoid Phishing Scams in Your Email Inbox Aug 24, 2021 Four Tips to Keep Your Budget While on Vacation Jul 22, 2021 make a paymentmobile bankingratesfaqprivacy & disclosuresdocumentscareersshared branchingfind an atmcontact Routing number: 291073503 NMLS: #623955 Blaine 10210 Baltimore St NE Blaine, MN 55449-6049 Coon Rapids 11465 Robinson Dr NW Coon Rapids, MN 55433 Columbia Heights 843 40th Ave NE Columbia Heights, MN 55421 Phone: 763-404-7600 Lobby hours (appointments preferred): Mon - Fri 9:00am - 5:00pm Blaine & Columbia Heights: Sat 9:00am - 12:00pm Coon Rapids: Closed Saturdays Drive-through hours: Mon - Fri 9:00am - 5:00pm Blaine & Columbia Heights: Sat 9:00am - 12:00pm Coon Rapids: Closed Saturdays We are closed on major U.S. holidays. Financial One Credit Union Proudly serving Anoka, Hennepin, Ramsey, and Washington Counties in Minnesota. Website Design by One Wheel Marketing By using this website, you agree to our use of cookies. We use cookies to provide you with a great experience and to help our website run effectively.