By Jeff Lachman, Branch Manager, Onalaska
Tips for Saving Money

By Jeff Lachman, Branch Manager, Onalaska
Whether you are living paycheck to paycheck or have some extra cash every month, it’s important to save for that rainy day when the roof starts to leak. You never know when you’re going to need a little extra emergency cash to pay for an auto repair or broken furnace, or cover your bills during a temporary lay off at work. Check out these tips to get you started saving:
How Much You Should Have in an Emergency Fund
Rule of Thumb: Save three months’ worth of living expenses (mortgage/rent, utilities, gas, food, etc.) in your emergency fund.
HOWEVER, if you have people who depend on your financially, like children or a spouse, your emergency fund should be a minimum of six months’ worth of living expenses. This is especially true if you work in a career that has high turnover or a high injury rate. Then you’ll want to have double the amount of emergency fund as someone who works in a tenured career where layoffs rarely occur.
Top 5 Reasons to Have an Emergency Fund
Sources
https://www.thebalance.com/the-50-30-20-rule-of-thumb-453922
https://www.nerdwallet.com/blog/banking/savings/life-build-emergency-fund/