Taking the time to build solid saving and budgeting habits now can result in having financial security in your future. Whether you are just getting started with your first budget, building your emergency fund for those unexpected expenses, or just looking to save more money, Old National can help!
Reasons to Save
Why worry about saving money? Overall, having money in savings provides security and peace of mind. Some of the main reasons
to save include:
Being prepared for the unexpected, such as car repairs.
Planning for a future goal, like saving for college or buying a home.
Covering a shorter term expense, like a vacation, without turning to credit cards.
Life is less stressful when you can cover expenses without worrying how to pay for them.
Guidelines for Saving
Financial experts recommend saving at least 10% of your income. Your goal should be to have a minimum of three
to six months of living expenses saved, so you are prepared for sudden emergencies or an unexpected loss of income.
Saving money can be difficult, with statistics showing about 40 percent of people having no money put back to cover emergency
expenses. So how do you start? Don’t treat saving as the lowest priority, or you may never get around to it. An
easy place to start is to look for ways to shave money off of your daily spending. For example, eat breakfast at home
instead of hitting the coffee shop drive-thru. For more ideas on ways to save, see our Budgeting page.
Also, our Impact of Saving More calculator shows how dramatically your savings will grow even if you increase your current savings by only 1 percent. You can also use our Compounding Calculator to see how your savings can grow.
