Experts say you should have at least six months’ worth of expenses set aside in an emergency fund. Traditions First Bank has some steps to help bulk up your emergency savings.

Emergency Fund Traditions First Bank


Having an emergency fund should be a priority to be able to cushion an unexpected financial blow.

We suggest an ideal amount to shoot for would be three to six months’ worth of living expenses. If you’re able, it would be ideal to put away a year’s worth of savings. Studies show that just 44% of people are prepared to pay for an unexpected $1,000 expense with cash.

Here are some tips on where to save:

Reduce Your Monthly Bills

One example, take your bundled internet, phone, and cable bill. Ask your provider if there is an opportunity for a better package or rate, or check out other options available in your area. Take the time to see where you’re overspending monthly.

Reassess Your Credit Card Spending

Credit card balances can cost you over 20%. You only need 2 credit cards unless you're a business owner. Look for accumulated rewards and see how you can turn them into extra cash.

Make Sure Your Money is Safe

A savings account at a local community bank is still the best place to ensure you can access your money when you need it.

Sell it!

If you haven’t used something in a year - sell it! If you haven’t worn a particular outfit in a year, you can unload it on websites such as Poshmark or Decluttr.

Generate More Money

You can also sell your skills as a “Side Hustle”. If you have a skill or talent, try to earn extra income to build up that cash reserve. List your service or skill with websites like Fiverr.

If you have any questions about budgeting or savings accounts, we are here to help. Traditions First Bank’s mission is to provide banking services to clients based on our highest values while investing in our community. Contact Traditions First Bank today.