Why is saving important? There are many reasons that having some money tucked away can and will come in handy. Having a savings account can help make the difference between a financial crisis and being able to cover an emergency. As you’ll see below, many Americans are just one unexpected event away from a financial hardship.


Percent of Americans that wouldn’t be able to cover an unexpected bill of $100.


Percent of Americans that don’t have enough saved to pay for a $1,000 emergency.

Savings can help you plan for unexpected surprises. Having a safety net and being able to plan for financial goals reduces stress and can help you have more choices. Another important reason to save… So you can afford to retire some day!

How much should I save?

The answer to this question varies depending on who you ask. Some common answers are:

  • 10% of monthly income
  • Three months of expenses
  • $500 or a specific dollar amount

We say… just get started! The consistent habit of saving is more important than the actual amount saved.

Saving Strategies

Ensuring that you have a safe place to keep your money is just as important as saving it in the first place. We always suggest you keep your hard earned dollars in an FDIC insured bank or credit union Savings Account and when possible use direct deposit. You can learn more on our Banking page.

This method quickly helps you an build emergency savings week over week for one year.

  • Start with the lowest amount and slowly increase the amount you save each week.
  • If your income is unsteady, cross off an amount saved from the list each week.

52 Week Challenge Worksheets

$0.25 Start Worksheet – Eventually save $344

$0.50 Start Worksheet – Eventually save $689

$1.00 Start Worksheet – Eventually save $1,378

Consistently saving will provide something for you to fall back on when a crisis hits.

  • This debit card feature will let you round up the cost of every purchase, generally to the nearest $1.00, and puts the difference into a savings account for you.
  • You can usually set this up yourself through online banking, otherwise your financial institution can help.
  • For example, your purchase for $5.60 would be rounded up to $6.00 and $.40 would be deposited into your savings automatically. This is an easy way to save without thinking!

On payday, before you spend a dime, put aside something to save for your future. It doesn’t matter how much it is, just decide and do it consistently! Better yet set it up to automatically transfer to your savings. You can do this:

  • By setting up a recurring transfer to your savings with your bank. You can usually set this up yourself through online banking, otherwise your financial institution can help.
  • Or through direct deposit with your employer, just bring the your account number and your bank’s routing number.

Put yourself first, you deserve it!

  • Currently only available through North Coast Credit Union, this savings strategy is especially helpful for those who have trouble not dipping into their savings!
  • Save to Win is a prize-linked savings account that offers the chance to win prizes in addition to earning regular interest. It requires a small opening deposit of $25 and allows unlimited number of deposits during the 12-month term.
  • For every $25 saved each month, one raffle ticket is entered for a chance to win cash prizes (up to 10 entries).
  • Only one withdrawal is allowed during each 12 month period.
  • Visit the North Coast Credit Union website for more details.