wallet with cash

How to Start Saving

Do you find it difficult to save money for emergencies or big purchases? If so, you’re not alone. A Federal Reserve Board study found that a shocking 47% of Americans don’t have the funds to cover a $400 emergency. This means a minor financial setback, like a car repair or a new appliance purchase, could send them into debt – and an even bigger emergency can spell financial disaster.

Start saving today! Here’s how to make it happen in five easy steps.

Change your mindset 

Most people look at saving as an extra burden. They figure they’ll start putting money away when they’ve got some to spare or “get around to it.” If this sounds like you, it’s time to rewire your brain. Learn to think of savings as another fixed expense, just like any other important bill. When working out your monthly budget, include a little bit for savings, too.

Start using cash 

Studies show that people spend less when they use cash. That’s because you don’t feel the dent in your wallet as much when it’s just a swipe between you and your purchase. Go cash-only for your discretionary spending, and hold onto more of your money. Don’t forget to put the money you haven’t spent directly into savings!

Start small 

Don’t think saving only matters when you are able to put away big bucks. Think a dollar a day, a fiver a week, or $50 a month. Every little bit counts. If you save just one dollar a day, at the end of three years, you’ll have an emergency stash topping $1,000!

Make it automatic 

If you find it challenging to remember to put away money each month, set up a savings account with direct deposit at Acclaim Federal Credit Union. A predetermined amount of money will automatically transfer into this account each month – so you never feel the pain. As a plus, you’ll be earning dividends on your savings!

Don’t spend it 

Once you’ve got a comfortable cushion of savings, be careful to reserve it for actual emergencies. Ideally, you should have three months’ worth of living expenses in your fund.

Don’t be tempted to blow your savings on a spontaneous indulgence. Instead, save up separately for things like luxury purchases and dream vacations.

You are now leaving Acclaim Federal Credit Union

Acclaim Federal Credit Union provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by Acclaim Federal Credit Union, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.

You will be redirected to

Click the link above to continue or CANCEL

Dear members, you’re receiving this alert because you are trying to access our site in Internet Explorer. However, this browser is no longer supported and may cause issues when viewing/interacting with content.

For the best experience, please use another browser. Thank you!