Saving for the Unexpected - America Saves Week 2023
Day Two of America Saves Week focuses on saving for the unexpected. Having short-term savings is essential to overall financial stability and boosts your financial confidence.
What is short-term savings? Having savings set aside for those unexpected emergencies and opportunities that arise.
Whether it’s needing to have an appliance or car repaired, or the opportunity to join your friends on a last-minute weekend getaway, having short-term savings on hand allows you to take care of those unexpected expenses without dipping into funds you need for the present (like bills) and the future (like retirement).
Today we want you to consider reframing saving for the “dreaded emergency,” and recognize that you’re also saving for fun and positive opportunities! Doesn’t it feel better to contribute to an OPPORTUNITY FUND vs. an EMERGENCY FUND?
Check out this blog post from America Saves(link is external), and then watch this workshop(link is external), which breaks down 6 ways to establish a spending and savings plan(link is external) (that you can actually stick to).
Meet Chelsea Stevenson, who talks about saving for the unexpected- both emergencies AND opportunities
If you haven’t already, we encourage you to take the America Saves Pledge(link is external). After making your new savings plan, you’ll receive support, reminders, and tips from America Saves that will help keep you on track towards achieving your goal.