This is part two of our five-part series as part of America Saves Week (April 7-11, 2025). For more information on this topic, as well as others, please visit AmericaSavesWeek.org.
Wouldn’t it be nice if we were aware of when every big financial event was going to take place in our lives? “Sorry to tell you this, but an expensive medical bill is going to come on ______ date.” Or, “On such-and-such date you will need to purchase a new car for reason XYZ.” That would be helpful to know, right? Unfortunately, these aren’t things you can forecast or pinpoint exactly when they will occur, but that doesn’t mean we can’t be prepared.
Unexpected costs. Emergency fund. Whatever you want to call this type of savings, it’s something you’re going to want to do. It’s bad enough your life was hit with this challenging event, but a good way to mitigate the pain and stress is to have the savings for it.
As you may hear from a fitness instructor or a sports coach, “you don’t have to get ready if you stay ready.” So, whether you set up an automatic transfer to a savings account*, or establish a new account dedicated to life’s unexpected twists and turns, staying ready for whenever we have to navigate life’s tumultuous waters provides you with peace of mind, which has great value in itself.
Preparing for the unexpected. You’ll thank yourself for doing so whenever that time may come.
*Transaction and/or balance limitations may apply