Take Control of Your Savings
Use an American 1 True Savings account for your emergency fund
You decide a specific goal amount for your emergency fund. We recommend you also choose a timeframe to achieve this goal. Not sure where to start? Choose an amount like $1,000, $5,000 or $10,000 and a timeframe such as 6, 12 or 24 months. Remember, your emergency fund should eventually be 3-6 months of your basic expenses.
Pay yourself first
Set up a direct deposit of the amount you want to save to go automatically into your emergency fund savings account.
Save for retirement now
No matter your age, the sooner you start, the better! Compounding interest really makes a big difference! If your employer matches funds, make sure you contribute the maximum amount for the match.
Have designated savings accounts
You know you will have car repairs, home improvement projects, gifts to buy and will want to take a vacation. These expenses each need regular, allocated funds – even $10/week will help! At American 1, you can use what we call “Members Choice” accounts which allows you to name each account whatever you’d like to name it! These accounts have no minimum deposit requirement and no fees.
Don’t touch it!
- Make a pact with yourself not to access your savings unless it’s a true emergency.
- Don’t have a debit card connected to your savings account.
- Take a certain period of time (perhaps 24-48 hours) before accessing your savings account to avoid impulse buys.
« Return to "American 1 Blog"