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It happens to all of us: you’re saving for something that you’re really excited for and before you know it an unexpected event occurs, causing you to dip into your designated savings. Every day, Americans are forced to use savings to pay for an unexpected expense. That’s why we encourage you to establish an emergency fund, so you don’t have to give up something you really value when things go wrong.
When thinking of “the unexpected,” typically negative things come to mind, such as your car needing repairs, a medical emergency, or suddenly losing your job. But saving isn’t just for emergencies, it’s for opportunities – maybe it’s a friend is celebrating a promotion at a fancy restaurant or perhaps you have the chance to go on a spontaneous trip to a destination you’ve been dreaming of visiting. Because you’ve been saving regularly, you’re in a position to take advantage.
Sometimes it’s valuable to reframe saving for an emergency and instead consider that you’re also saving for positive opportunities. To that end, instead of a “rainy day fund,” you’re establishing an “opportunity fund.”
Remember, the easiest and most effective way to build this savings fund is by saving automatically. Saving automatically allows you to “set it and forget it” by setting up split deposit with your employer or setting up automatic transfer from checking to savings with your banking institution. As always: there is no amount too small to save and no limit on accounts you can contribute savings to.
This blog is part of Penn Community Bank’s celebration of America Saves Week – an annual celebration and call to action for everyday Americans to commit to saving successfully. Together with thousands of participating financial institutions and community organizations, we encourage local communities to do a wellness check on their finances and make a plan to achieve better financial stability.