20 Jan

Saving For the Unexpected The Importance of Emergency Savings Accounts

Katie and James were thrilled to be first-time homeowners. They couldn’t wait to tackle their list of improvement projects to put their very own stamp on the older home. Before they could start, however, the water heater went cold and the refrigerator went hot. Their home improvement stash of cash quickly became their emergency repairs account.

Theresa, an up-and-coming marketing executive, was surprised to learn the company she worked for had been sold — with a reorganization plan that left her without a position. On a positive note, she viewed this as an opportunity to discover her next career move. At the same time, she was relieved she had six months’ worth of living expenses already saved.

Emergencies often happen when you least expect them, and sometimes when you cannot afford them to happen. It’s important to be prepared for any financial emergency with a savings account just for this purpose. Experts recommend three to six months’ worth of living expenses tucked away in an easily accessible account.

Unexpected emergencies could include:

  • Home repairs
  • Car issues or vehicle replacement
  • Job loss
  • Health issues

Ready to Build Your Emergency Fund?

Make saving a top priority by choosing the right savings account for you from Navigator Credit Union. We have a number of accounts to choose from for building your emergency fund.

Savings account — Use direct deposit or automatic transfers from your checking account to stash cash little by little in an interest-earning savings account.

Money Market account — One of these higher-interest-earning accounts will help your savings add up quickly. View our current rates at www.navigatorcu.org.

Certificates of Deposit (CDs) — We offer a number of CDs with varying minimum balances and terms.

To get started, call one of our member service representatives today at (228) 475-7300 or (800) 344-3281.