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Making Money Work

Chances are it has happened to you: a flat tire, a broken hot water heater, a visit to the emergency room.

Everyone faces unexpected expenses from time to time. While it’s impossible to prevent these unpredictable events, being prepared can give you confidence to handle whatever comes your way and keep you calm in the face of life’s challenges.

If you don’t have an emergency savings fund, you’re not alone. 62% of Americans have less than $1,000 in a savings account.*

Without a rainy day fund, unexpected costs can send your stress skyrocketing and may cause you to rely on credit cards, take on additional debt at unfavorable terms, or damage your credit score.

How much do you need?

Experts recommend having enough to cover 3 to 6 months of essential expenses. That includes rent or mortgage payments, food, medication, transportation, insurance, and recurring bills like electricity, cell phone and water. If you have an unsteady income or many people depending on you for financial support shoot for 12 months of expenses.

If you’re just starting your fund, don’t get overwhelmed by the total amount you need to save. Any amount will help!

5 action steps you can take now:

  • Start now!  It doesn’t matter how much you can save, something is always better than nothing.
  • Pay yourself first. Include savings in your spending plan, just like other necessities. Look at your income and expenses to determine what will work for you.
  • Make it automatic. Set up an automatic transfer or a separate direct deposit to fund your account. If you don’t see the money, you’re less likely to miss it. You can set up an automatic transfer on your OUCU account in online banking, or call us at (740) 597-2800 or (800) 562-8420. Here are instructions for setting up your automatic transfer  in online banking.
  • Name it. Naming the account will make it more likely for you to follow through with your savings goals. At OUCU, our member service representatives can customize your account name, or you can set up a new named account on your own through CATS online banking.
  • Keep your savings account separate. Set up an entirely separate account so that you won’t be tempted to transfer money for non-emergency needs. At OUCU, you can set up an S2 Special Savings account just for this purpose.


Interested in learning more? Use this form to let us know.

*Resource articles:

Americans need more savings
emergency fund guidelines