The May 2020 Report on Economic Well-Being highlighted the financial fragility of a nation. The survey found that 37% of adults would have difficulty covering an unexpected expense of $400. In late 2020, several months after the coronavirus swept the U.S., a Clever survey found that 61% of Americans with a financial cushion had already depleted their savings or believed that it would be gone by year's end.
Whether you're looking to start or rebuild your emergency fund, it all begins with a single deposit. We encourage you to plan for the future by focusing on saving money in 2021 and beyond.
Here's how you can get started.
- Sell used items. Sell your gently used items in an online marketplace or garage sale and give your savings a boost. You could also buy other used items and resell them for a profit.
- Earn money from your talents. If you have a special skill, share it with others. For example, VIPKid pays people to teach English to students from around the globe through video chat.
- Replace entertainment services. Cut the cable cord and use free streaming services available from your library instead. Many community libraries offer cardholders access to free movies, TV shows, and music via apps like Hoopla, OverDrive, and Kanopy.
- Refinance your debts. Pay off multiple high interest rate debts with a single lower interest rate loan. You can lower your minimum monthly debt payment and save in overall interest charges.
- Make savings easier when you Round-up Your Savings with Simmons Bank. Each time you use your debit card to make a purchase, we automatically round up to the next whole dollar and deposit the difference into another account of your choice.
For example, if you use your debit card to make a purchase totaling $5.25, we will withdraw $6.00 from your linked checking account. The $5.25 is used to pay for your purchase. The remaining $0.75 is deposited into your savings account.
Learn more about other ways Simmons Bank makes your money work harder for you. Speak with a Simmons Bank associate today at 1-866-246-2400. We can help connect you with someone to compare our savings and investment account options and find the best fit for your finances. All accounts subject to approval. Member FDIC.