Have you ever thought about what might happen to you financially if you were temporarily laid off or unable to work because of a sickness or an injury? What about those unexpected costs that can derail your budget, such as car or home repairs?
Establishing an emergency fund can help ease your mind. Your emergency fund should be able to cover three to six months of pay.
But how do you start an emergency fund? Easy. Pay yourself first. Try to set aside a percentage of each paycheck and have it automatically deposited into a secure, but accessible savings plan. Contact Modern Woodmen Bank for more details or questions on how you can start your own savings plan
With a little effort, you’ll be surprised at how quickly an emergency fund begins to grow and how quickly you adjust to your “new” income stream.
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A 401(k) plan is an employer-sponsored retirement plan that offers several income tax benefits for those looking to save for retirement.401(k) plans
Dollars and Sense Financial Literacy Program
Modern Woodmen Bank’s Dollars and Sense program helps children in grades K-12 develop good saving and spending habits as they earn annual cash rewards. Member FDIC.