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Budgeting Question

Here's an answer to the Budgeting Question: 
My Savings has been wiped clean; How can I replenish it?

Q: The last few months have been rough on my finances and I’ve used my savings to get by. My emergency fund and savings accounts have dropped to zero. With my financial situation improving, though, I’d like to start building these up again. Where do I begin?

A: Using emergency funds to survive prolonged unemployment, an unexpected large expense or a medical emergency is the best way to make it through a financial hardship. If your savings are depleted, though, it’s best to start rebuilding as soon as possible.

Set a Goal.
Before getting started on saving up money, establish a tangible goal. You can try to recover the value of the savings lost, or start smaller, with a more attainable goal. Bear in mind that experts recommend having funds to cover a minimum of three to six months’ worth of living expenses set aside in an emergency fund or savings account when you're thinking about long-term savings plans. However, just getting back in the savings game is a win.

Trim your Spending.
A good place to start finding extra dollars for saving is by reviewing your spending for ways to cut back. Look for expenses that can make a difference in a monthly budget without dramatically affecting quality of life.

Sell your old Treasures.
Turn forgotten treasures into moneymakers by selling them online. You can sell old clothing on ThredUp, unwanted jewelry on and unused sports equipment on Swap Me Sports. Use the cash earned from these sales to jumpstart your new nest egg.

Make a Plan.
Once you have a goal in place and you’ve maximized monthly contributions toward savings, it’s time to create a plan. Map out a timeline of how long it’ll take to reach your goal when putting away as much as possible each month. Remember: The more aggressively you save now, the sooner you’ll reach your goal.

Start Saving Automatically.
The best way to ensure that you're putting money into savings each month is to make the habit - automatic. You can set up an automatic monthly transfer from your Achieve Financial CU Checking Account to your Achieve Financial CU Savings Account on a designated day each month. Give us a call at 860.828.2790 to discuss your options or log into your Achieve online banking account and set up automatic transfers today!

Put unexpected money into Savings.
To speed up the process of rebuilding depleted savings, you may want to resolve to put unexpected windfalls into an emergency fund or savings account. This can include tax refunds, a work bonus and gift money.

Rebuilding depleted savings isn’t easy, but staying focused on your goal and the security of having a safety cushion to get you through will make it well worth the effort.