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 “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.
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.