Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Three Tips to Building Your Emergency Savings


Trying to stay on top of your finances and budgeting for monthly expenses can be stressful, especially when unexpected car repairs, job related issues, or natural disasters occur. We want to make sure that you are fully prepared in case any unexpected life altering events happen and fortunately there’s a way you can do so.

Starting to build your emergency savings can help you when you find yourself in a bind. Emergency savings, or an emergency fund, allows you to build a savings buffer, so that you do not have to worry about how to pay for unforeseen financial emergencies.

If you don’t know where to start with saving for emergencies, here are a few tips to help get you started.

Create a budget.

Creating a budget helps you estimate how much you are spending. You can adjust a budget to show how much you are spending on a monthly or weekly basis. This helps you visualize where your money is going and how much of your income you have left over after paying bills.

Having a budget can also help you determine wants vs. needs. Determining needs over wants can free up more money from things that aren’t necessities.

Determine how much to put into your emergency savings.

Money experts recommend having three to six months’ worth of expenses saved in your emergency savings. However, once a budget has been created and you see how much extra income you have, you can decide how much is reasonable to put into an emergency fund.

Don’t be discouraged if it seems like you aren’t saving enough initially. Everyone’s situation may vary and as you become more comfortable saving, adjustments can be made.

Determine where to keep your emergency fund.

Figuring out where to keep your emergency savings is completely up to you, but make sure to keep it in a place that is easily accessible. A few options for savings are a savings account, checking account, or certificate of deposit.

No matter which option you choose, we have associates ready and available to help get you started. Find your local branch today and start getting your savings in order.

Want to continue learning how to make your money go further? Take our interactive course on building emergency savings. In this module, you will find practical ways to save.

 

Other Resources

Trending Topics

How to Get Debit Card Rewards Points

Choosing the best bank to use can be a task. You might consider mobile banking options, whether they offer home loans or competitive rates, and how quickly and easily you can open an account. One important thing you may...

Banks in North Carolina

Did you know there are more than 100 First Bank locations in North Carolina? It’s true. You can find us in over 60 cities, mountains to coast. Did you know we’re one of the oldest banks in North Carolina? Yup,...

Business Owners: Put Automation to Work for You

A year ago today, Ann was a totally different entrepreneur. Her title might have been Owner of Little Genius Tutoring, but her to-do list didn’t quite match. She was trying frantically to keep all her students and...

Lowest Mortgage Rates High Point NC

Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for Lowest Mortgage Rate in High Point, NC There are...

Four Different Types of Services | Banking

A bank’s job is to provide customers with financial services that help people better manage their lives. As technology advances and competition increases, banks are offering different types of services to stay...

ACH Positive Pay

If you are a business owner, you should spend your time worrying about growing a successful business, not worrying about fraudulent transactions. That’s where ACH Positive Pay comes in. What is ACH Positive Pay?...

How Much Should You Have In Savings at Age 25?

If you’re wondering how much you should have in savings by the time you’re 25, you’re already on the right track. At an age where financial independence becomes increasingly more important, how much you...

Where to Get Commercial Mortgage Rates

Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while...

Bank Owned Homes – Find Bank Owned Homes for Sale in Your Area

If you’re in the market for a great deal on a home, a bank-owned home could be just the thing for you! With First Bank, you can easily search through a list of our bank-owned properties for sale. Bank-owned...

6 Steps to Starting a Small Business in North Carolina

First, you had an idea for a small business. Now, you want to set that idea in motion. If you are looking to start a small business in North Carolina, here are the first steps you can take to make your idea a profitable...