Save To Build Your Emergency Fund

Are you saving for emergencies?

Building an emergency savings takes consistent practice. Setting a goal, making sacrifices, and spending for your needs, not your wants, will enable you to develop healthy saving habits. You’ll be surprised at how much you can accumulate in one year just by steady plodding. The key is committing to get started. After all, you don’t want to be in the situation of a guy I heard about. A hacker broke into his bank account and left him a private message: “Please save more money – this was a complete waste of my time.”

Now, seriously, fewer than half of Americans have emergency savings to cover 3 months’ of expenses. A June Bankrate survey revealed that nearly one-fourth have no emergency fund at all! Now that’s one reason credit card debt is so high, and medical bills aren’t being paid. A majority of those surveyed said they’d feel comfortable with 3 months of emergency savings. Now, I recommend 3-6 months, with $1,000 as your starting goal.

Emergency savings will grant you peace of mind. Each month saved is a step away from the financial cliff. It’s one of the best ways to break out of the debt cycle. So, when your car breaks down or an appliance stops working, you have the money to cover the cost. You don’t have to increase credit card debt or borrow from a bank, friends, or family. An emergency fund is the strongest predictor of financial well-being. You’ll focus more on your work without the stress and preoccupation of money. I want you to open an emergency fund today!

And if you’re struggling to make ends meet, try our budget coaching program. God may use it to change your entire financial future. Go to crown.org and click “Get Help Now”. You can start today at crown.org.