A Health Emergency
A health emergency could have you dipping into your savings account, even if you have health insurance. While health insurance can cover some of your expenses (depending on your plan), you could be left with bills that need to be paid out-of-pocket too. You could be responsible for your deductible, coinsurance, co-pays, prescriptions, etc. You also could be spending extra money for lost wages if you can’t work, travel to and from medical appointments and childcare.
One way to help with these costs is to sign up for Health Savings Account (HSA). If you have a high-deductible health insurance account you are eligible for an HSA. You can start saving for future medical expenses with this tax-free savings account and you won’t lose your money if it’s not spent each year. Check out Sikorsky Credit Union’s Health Savings Account,
there are no service fees, no minimum balance required and you can earn 1.00% APY.*
Home or Car Repairs
Things break. While owning your own home has its perks, some repairs can get costly. Broken heating systems, leaky roofs and drafty windows all can come with expensive repair bills. While you may have anticipated some of these repairs, others can catch you by surprise. A surprise repair can quickly drain your savings account. Instead, tap into your home’s equity with a Home Equity Loan or Line of Credit. Not only can these be used for repairs or remodeling, but you can use them for debt consolidation, education costs or anything else. Check out Sikorsky Credit Union’s loans and lines.
There are few things more devastating than a job loss. It can be very stressful to deal with your income suddenly stopping. Having an emergency savings fund is always a good idea to deal with this type of financial loss. An emergency savings fund is created and set aside for this type of thing. When creating your emergency savings fund, set a goal of having three months of income in it. Aiming for six months is even better but start with the more realistic goal of three. When creating your budget, aim to set aside a little each and every month to create this account. If a job loss occurs, you will be happy you did this.
A little preparation can go a long way. Ease the burden and stress from an unexpected circumstance with a plan.
*APY = Annual Percentage Yield. Fees could reduce earnings. No minimum deposit to open account.
Are you prepared for the unexpected? Unfortunately, life can throw a curveball every once in a while. While you can’t predict the future, you can prepare. Some of life’s ‘what ifs’ can drain your savings account… fast! Have you thought about these things?