Waiting for a lucky break when it comes to your finances? Here’s a hint … don’t leave it up to chance!

Finding a few dollars in the pocket of a coat you hung up months ago, or otherwise stumbling upon some easy cash, can feel like a stroke of luck. But for the most part, planning ahead and having a strategy for setting aside money is the best way to bring yourself financial good fortune in the long-term.

Set Up an Emergency Fund

Life’s unpredictability calls for protecting yourself using more than just luck.

If you haven’t already, take the initial step of opening a separate savings account to be used strictly for an emergency fund.

Having a dedicated emergency fund can keep you aware of how much financial capacity you have to take on unexpected expenses. Keeping your savings in a separate emergency account also decreases the likelihood that you will tap into those funds for less pressing reasons.

Depending on your goals for an emergency fund, setting one up in a traditional or high-yield savings account might be more your speed. There are also other options, such as money market accounts, that can give you access to your money while also potentially earning more interest.

First Commerce offers savings accounts and money market accounts designed to help you jumpstart your saving journey.

From a big-picture standpoint, simply having an emergency fund can also strengthen your habit of saving. Getting started earlier can mean peace of mind down the road – so don’t wait!

Consistency is Key to Building Your Pot of Gold

No matter your level of discipline, having mechanisms to help keep your savings habits consistent can help. It is recommended to leverage financial tools that can help make savings automatic. Taking the effort out of remembering to set aside money will increase the likelihood that you maximize savings.

There are multiple ways you could go about getting an automatic saving mechanism set up.

For one, setting up an automatic transfer at a frequency that works for you is an easy way to get started. For example, you could have a set amount of money transferred into your savings account each pay period, so that, say, $50 or $100 of your paycheck always gets safely put away into your savings.

Another way to make savings automatic is through what are commonly known as spare change accounts, or roundup programs.

These types of accounts round up purchases made on your debit card to the nearest dollar, and automatically transfer them to your savings account. This way, you can save as you spend and take the guesswork out of building your savings.

First Commerce’s EvenUp Savings account allows you to save automatically, and to earn interest on the money you’ve saved.

Never Stop Learning

Keep yourself up-to-date on best practices for saving, trends in the financial world, and so much more.

First Commerce’s financial education library, SmartMoney Online Powered by Enrich, provides a deep well of content on savings strategies, emergency funds, and what financial products might be right for you and your lifestyle.

First Commerce Credit Union provides this content to inform and inspire. While we strive for accuracy, we do not guarantee this information is accurate, complete or current.  This information is not professional advice (tax, legal, financial, etc.) and should not replace your individual consultation with qualified advisors. Laws, rules, and personal circumstances can change, so please verify how this information applies (or does not apply) to your situation and location. All decisions remain your responsibility. First Commerce Credit Union and its affiliates and employees assume no liability for outcomes resulting from the use of this material.