By Lisa Gates
Director, Office of Financial Empowerment
Opening an emergency savings account is one of the best financial decisions you can make. Many people are living paycheck to paycheck and believe they can’t afford to put a few dollars aside.
Keep in mind, you can start small!
Put your coins aside and watch them grow! Open a savings account and set up an automatic allocation of your paycheck to go directly to your account.
I know it can be hard to find those dollars to save, but think about skipping that cup of Starbucks in the morning, smoking less (or quitting), making a grocery list ahead and stick to it when you shop, or cooking at home and taking leftovers to work for lunch the next day! You will be surprised to see how those small sacrifices will add to your savings at the end of the month, then more in 6 months, then even more at the end of the year!
In an emergency it is sometimes necessary to borrow money to get you through a crisis, so knowing your credit score and what’s on your credit report is also critical.
We are here to assist you with credit and money management, as well as budgeting and saving goals for at no charge. Call our Office of Financial Empowerment at 314-622-4700 to learn more about the many financial educational programs that are available.