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The concept of your financial confidence account (FCA) is simple. It’s a safe and liquid (easily accessed when needed) account that can bring you peace of mind during financially stressful times. Think of it as a separate account that can only be used for emergencies. If you’re not sure where to start, these three steps can help.

1. Save $1,000 in your FCA

If you haven’t already, set a goal to save $1,000 in your FCA. An easy way to start? Automation. Setting up an automatic monthly or biweekly transfer from your checking account (or paycheck) can help you reach your goal. Gone are the days of setting deposit reminders on your smartphone—putting your FCA on autopilot will allow you to save more at a faster rate. That’s a win-win!

Challenge: Keep 85% of your FCA in a simple savings account and 15% cash on hand (aka, locked in a fireproof safe).

2. Find your savings sweet spot

To reach your goal of $1,000, commit to saving a certain amount every month, whether it’s $25, $100, $250 or more. If you can’t save very much right now, don’t worry … even a small amount accumulates over time and encourages good saving habits. Remember, though, it’s a give and take to determine how much you’re comfortable saving. You can always scale back if you need to.

3. Match your savings to your lifestyle

A good next goal for your financial confidence account once your $1,000 is set? Build up three months of living expenses (the amount needed to pay bills and necessities). Choose the row in the table below that is closest to your situation and adjust as needed to make sure you are saving the right amount for your lifestyle and goals.

Challenge: If you don’t know how much money is going toward your monthly expenses, track your spending for three months to find out.

 

3 Key Takeaways
  1. Set a goal to save $1,000 in your financial confidence account.
  2. Determine how much you’re comfortable saving—even a small amount adds up.
  3. Make sure the target savings amount in your FCA is based on your income level and monthly expenses.

Challenge yourself

Keep reading: Go automatic with your FCA so you’re more financially confident when life takes a turn.

This content is educational in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
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