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Everyone Needs an Emergency Savings Account7/31/2019

Be prepared for life’s unexpected events

If your steady income dropped or stopped suddenly, could you pay your bills? What if an unexpected expense, such as a medical bill, popped up? Would you be able to afford it?

Having an emergency savings account could help you cover the costs of unexpected life events, expenses, and bills in the instance your steady income changes. A good start to creating a financial safety net for these kinds of instances is making a budget where a portion of your money goes into a specially designated savings account.

The amount of the funds needed in this account should be based on your family size, expenses, basic needs, and spending habits. SLFCU recommends keeping at least three to six months’ worth of living expenses in a separate savings account that is not used unless you need it.

To help you save money, SLFCU offers a variety of accounts that can also earn dividends on your emergency fund.

SAVINGS ACCOUNTS

Earn dividends at $100.

MONEY MARKET SAVINGS

Higher balances earn higher dividends.

TERM CERTIFICATES (CDs)

Choose from fixed, variable, or bump rate dividends.

To set up an additional savings account, visit any SLFCU branch or call us at 505.293.0500 or 800.947.5328.



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