SAVING

SAVE FOR YOUR GOALS

Saving is a low-risk way to set money aside for short-term goals or unexpected emergencies. 

Tips for effective saving: 

• Automate your savings. Set up an automatic transfer to move a set amount of money from your checking account to your savings account with every paycheck.
• Establish an emergency fund. A general rule is to save enough to cover 3 to 6 months of living expenses. This protects you from unexpected costs like job loss or medical bills.
• Use a High-Yield Savings Account (HYSA). Keep your emergency and short-term savings in an HYSA to earn a higher interest rate than a traditional savings account.
• Pay off high-interest debt. Aggressively paying down high-interest debt, such as credit card balances, can be more financially beneficial than saving, as the interest payments often exceed potential savings returns.

SAVING FOR NURSES

Before investing, build a strong foundation with an emergency fund and a plan for tackling debt.

• Build an emergency fund: Aim to save at least three to six months' worth of living expenses. A high-yield savings account (HYSA) is a great place to keep this fund accessible while earning a better interest rate than a traditional account.
• Prioritize debt repayment: Create a plan for paying down high-interest debt, such as credit cards or personal loans. You can also explore options for student loans, such as refinancing, consolidation, or public service loan forgiveness (PSLF).
• Automate your savings: Set up automatic transfers to move a portion of every paycheck directly into your savings and investment accounts. This "set-it-and-forget-it" method removes the temptation to spend the money and ensures consistent progress.