Financial resiliency is more than having direct access to your money; it’s also about understanding your own financial landscape, being aware of available resources, and taking advantage of opportunities that support and increase your financial wellness.
Having a savings goal is important and making saving a habit is the most effective way to achieve your goal. The easiest way to make saving a habit is by setting up automatic deposits into your savings account.
When you are saving a dedicated amount of money every week, every month, or on some other regular interval, you can begin to feel a sense of control over your saving habits. Whether you are saving $5 or $10 a month, or more; it’s the fact that you’re doing it automatically and consistently that is important.
Whether your goals include starting an emergency fund, paying for education expenses, planning for retirement, or all things in between - saving automatically is an easy and effective way to build your savings!
Plan to save with our calculators here: https://www.dcu.org/bank/savings/primary-savings.html
Save for the Unexpected
Here are a few strategies that may help you begin or continue your path to saving for unexpected emergencies and opportunities.
Explore DCU’s many savings account options here: https://www.dcu.org/bank/savings.html
Save for Major Milestones
Major life milestones like owning a home, education, and retirement require advance planning and saving large amounts of money. There are ways to plan and save for these major milestones in a way that aligns with your values and current life situation, and still sets you up for success.
Paying Down Debt is Saving
An important part of building financial resilience is reducing the amount of debt you carry. As you pay down debt there are natural benefits, like increasing your credit score, saving money on interest and fees, and putting cash back in your pocket for discretionary expenses.
Learn what contributes to your credit score here: https://www.dcu.org/financial-education-center/credit-cards/credit-101.html
Saving at Any Age
Saving should be a lifelong habit. You’re never too young or too old to learn and implement positive saving habits. Conversations around money ensure we are equipped to understand the tools and building blocks of personal finance. Thinking of our future self – what we will want, what we will be doing, what we will believe – is one way we can develop a saving mindset. No matter what stage you’re at in your life, saving starts with education.
Find tools and resources for personal finance here: https://www.dcu.org/financial-education-center.html
Here are a few more tips that could help you save even more: