Would you like to participate in the Dan W. Davis Personal Finance Center’s Start Here 52-Week Savings challenge? GOAL: Establish a $500 emergency fund by saving $10/week for one year.*
An emergency fund can keep you from begging, borrowing, or stealing (just kidding!) when life happens. Be clear what constitutes an emergency: an UNEXPECTED medical expense or car repair, job loss, or an unplanned home repair that can’t be postponed.
Each week starting in February 2021, you’ll add $10 to your new emergency fund. Pay yourself first! Set your dollars aside before you spend them on something you won’t remember. Put your fund where you’ll have a hard time raiding it (except in a true emergency). You might want to establish a savings account at a different bank from where you have your checking account and debit card.
When you sign up to participate in the challenge, you will receive a weekly e-mail with an encouraging reminder to save $10 dollars and perhaps a savings tip, link to a helpful article or website, or a book suggestion. *If you already have a $500 emergency fund, you can still participate in the challenge! Set a different savings goal and commit to saving enough per week to meet it by the end of the year.
Sign up for the Dan W. Davis Personal Finance Center’s Start Here 52-Week Savings challenge here!