Saving isn’t just about stashing money away for a rainy day. It’s about building a foundation that allows you to handle emergencies, pursue your goals, and sleep better at night.

To understand the benefits of saving, it’s helpful to look at how small steps add up over time. If you set aside just $25 per week, you’ll have $1,300 by the end of the year. This can help you with a special one-time purchase or contribute to long-term retirement planning. Saving for an emergency fund can help you to prepare for unexpected expenses, or unforeseen financial necessities that could derail your life.

Imagine your car breaks down. If you’ve been setting aside $100 a month in an emergency fund, you can take care of the repair without the added stress of a high-interest credit card. If you save three months of living expenses, you have flexibility if you lose your job to find the right next step. And when a dream vacation or a chance to make a down payment on a home appears, those consistent savings mean you can say yes with confidence.

When you don’t have enough savings to fall back on, emergencies become full-blown crises. A surprise medical bill or home repair could mean going into debt. Without a safety net, credit cards often become the go-to solution, and it’s easy for high interest rates to overwhelm you quickly. Missed savings also mean missed opportunities. You could lose out on that perfect home, a limited-time offer, or the trip you’ve always wanted to take. Financial instability takes a toll on your wellness, impacting everything from your sleep to your relationships.

If you want to start saving, you don’t have to start big. Begin by setting a tiny goal, like setting up a savings account for emergencies and saving $5 or $10 a week. Automate it if you can. Chances are, you won’t even miss the money, consider a high-yield savings account¹ when shopping around to get the most out of your money. Consider creating separate savings buckets: one for emergencies, one for personal goals like travel or a new car, and one for long-term dreams like buying a home or retiring comfortably. And don’t forget to track your progress. Watching your savings grow, even slowly, can be incredibly motivating and help you build a habit over time.

Saving money is one of the most empowering financial habits you can build. It’s not about restriction; it’s about the freedom to choose and to shape your future. Take America Saves Week as an opportunity to shift your habits, and your future self will thank you.  If you’re not sure where to start, contact one of our Wellbeing Coaches² for assistance.

This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances differ and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and legal counsel to discuss your particular needs before making any financial or other commitments regarding the matters related to your condition.

¹ Retrieved from: https://www.affinityfcu.com/personal-banking/banking/savings/smartstart-savings

² Retrieved from: https://www.affinityfcu.com/financial-wellbeing/certified-wellbeing-coaches