Savvy Saving

Many older adults encounter emergency unplanned expenses, but when it comes to financially preparing for the unexpected, many fall short and don’t have enough savings.

What’s more, many people 55+ don’t have the savings to afford planned expense like the vacations they want to take.

So where do older adults get their emergency funds from?

Borrowing money from family and using credit cards top the list of resources many people rely on for financial support during emergencies.

As for the planned expense of a vacation, one in three people use unconventional means to pay for their vacation dreams.

This includes taking out a small loan, taking money from a 401k, going into debt, cleaning out a savings account, borrowing money or maxing out a credit card.

To plan the monthly amount that you’ll need to save for that vacation you’ve been wanting to take as well as unplanned emergency expenses, utilize free resources, such as online at bankoncit.com/calculators.

Or checkout Nerd Wallet where you’ll find a plethora of information about money and finance for older adults, including banks that offer perks to people 55+.

How about looking for an account that will make your savings work harder that offers some flexibility. For example, with a Money Market Account, you can earn interest on your savings while maintaining the option to make withdrawals at any time. With no monthly maintenance fees, a minimum account balance requirement, and transaction capabilities, you can save without sacrificing your earnings.

When it comes to special occasions, like vacations, as well as the unexpected like car repairs, being prepared can safeguard you against wiping out your savings or going into debt.

So, make sure your saving savvy so you can stay playful and have fun!