Building an emergency fund might seem like a big undertaking, but really, even small steps can add up quickly. Here are a few of our favorites:
- Work with your payroll department to set up a separate direct deposit (or set up an automatic transfer from within your account) and divert a portion of each paycheck directly to your emergency savings — that way, the savings happen automatically and you won’t even miss those dollars.
- If you have checking and savings accounts with UBT, you can enroll in our RoundUp program, which automatically rounds up your debit card purchases to the nearest dollar and deposits the difference into your savings account each day.
- Consider adding bonuses, tax refunds, or other unexpected income to your emergency savings (provided you don’t have other more pressing needs to address, like revolving debt or repairs you’ve been putting off).
Whether you use these methods or take a different approach, don’t forget to revisit your emergency fund needs from time to time — perhaps if you’ve dipped into those dollars or your financial situation has changed. And as always, if you have questions, we’re here to help.