While common savings goals are for education, purchase of a big ticket item, or retirement, sometimes your savings goes towards the unexpected.
When thinking of โthe unexpected,โ typically negative things come to mind, such as your car needing repairs, a medical emergency, or suddenly losing your job. But saving isnโt just for emergencies, itโs for opportunities โ maybe itโs 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 youโve been dreaming of visiting. Because youโve been saving regularly, youโre in a position to take advantage.
Sometimes itโs valuable to reframe saving for an emergency and instead consider that youโre also saving for positive opportunities. To that end, instead of a โrainy day fund,โ youโre establishing an โopportunity fund.โ
Remember, the easiest and most effective way to build this savings fund is by saving automatically. Saving automatically allows you to โset it and forget itโ 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.
This blog is part of Penn Community Bankโs 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.
