The Money Wise Challenge is to set up an emergency fund and to have $1,000 in the emergency fund as fast as possible.
Why? Because we know life happens.
Whether you have an unplanned trip to the dentist, or your car needs repairs, or maybe your pet has to go to the vet. Here are some quick tips on setting your goal, and sticking to it.
Set up a separate account, like a sub-savings, to keep your money for emergencies only.
Sub savings accounts are great for any financial goal.
- They only have a minimum initial deposit of $0.01
- You can name the account after your goal. For the Money Wise Challenge, name your sub-savings account “Emergency Fund.”
- At OE Federal, if you have a current application on file, a sub-savings account can be opened in as easy as a phone call. Call 800.877.4444 for more information.
Use OnTrack – Personal Finance Manager
OnTrack – Personal Finance Manager is a great way to list your budget and keep track of the progress towards your emergency fund goal. If you are signed up for online banking, OnTrack – Personal Finance Manager is just a few clicks away.
- Login to Online Banking
- Under the “Accounts” tab click “OnTrack – Personal Finance”
- Click the “OnTrack” banner and from there you can set a goal, enter your income and bills, and create spending targets.