Like the song says… “You better save it for a rainy day!” You know you need to save, but do you really know what to save for? In a blog we posted earlier this year, we talked about how setting financial goals are important and then went on to discuss some top tips on saving money. You can read the full blog here.
Today we thought we would talk about starting your own Rainy Day fund, and 7 things worth saving money for. We hope to inspire you to get started!
- things worth saving for:
Life happens. There are always bumps in the road that bring unexpected expenses your way. From the flat tire, to the flooded basement to a job loss; you can expect that the unexpected will happen and it will end up costing you money. One great reason to save your pennies is to set up and emergency fund so that when a surprise happens to you, you can take it in stride because you have a reserve of cash to cover your expenses. A WVFSL Statement Savings Account is a great place to begin setting aside money for your Emergency Fund!
- Annual Expenses
There are expenses that come up each and every year and yet we still seem to be unprepared for them. Opening and closing the swimming pool, the family’s summer vacation, and Christmas seem to creep up on us each year. Why not change that this year and plan ahead? A vacation savings account is a wonderful short term goal with a huge motivation factor. Opening a WVFSL Holiday Club Savings Account is a great way to avoid big credit card bills in January!
- A Car
Sure, you can lease or finance a new car but many financial experts recommend saving for and purchasing a car instead. Also, you can also teach your teens the value of a dollar while you help them establish the habit of saving when you encourage them to begin saving for a car of their own. You can even offer them incentives along the way….tell them you will add money to their savings accounts when their balance reaches certain dollar amounts.
- A House
Make an investment in your future by starting a house fund today! Home ownership continues to be the goal of many Americans. Start today by setting aside money to save for your piece of the American dream. Why not use your tax refund this year to open a savings account that becomes the down payment on a new home?
With the cost of education rising every year, it makes sense to begin setting aside money for your child’s education today. You can also establish good savings habits by setting goals that your future college student begins to contribute to an account of their own!
- Financial Independence
Having a substantial amount of money set aside means that you have the freedom to take risks and live the life you’ve always wanted. If you are a young professional who is still living at home, money in a savings account equals a security deposit for a new apartment! If you have always dreamed of starting your own business, a savings account means you have money set aside to live on while your fledgling business gets off the ground!
It is never to early to start saving for retirement. IRAs are a great idea for anyone who wants to begin saving long term for their future. The money grows tax free and will be there for you when you are ready to enjoy your golden years!
We have tons of saving account options to start you on your journey. Stop by one of our 4 branch locations and we can help you find the account that is right for your goals. At Wallkill Valley Federal Savings and Loan, we want to help you bank smarter! Did any of our suggestions inspire you to start a Rainy Day fund of your own? We encourage you to share what you are saving for on social media so that we can motivate and inspire each other! Be sure to use the hashtag #rainydayfund!