Fixed Expenses

What's your backup plan?

Once you have an emergency fund established, it's time to start thinking a little more long-term. What would happen if you lost your job or were unable to work because of sickness or injury? How would you pay the mortgage or the car payment?

It’s a good idea to put three to six months’ worth of income away in case of a significant change in your employment circumstances.

A Tyndall Money Market Account is an excellent way to keep some of your money separate from your day-to-day spending money. You still have easy access to your funds if you absolutely need it, but keeping some money in a separate account keeps it “out of mind” and away from impulse spending. Learn more.

pyramid infographic with the second layer highlighted - 3-6 months of fixed expenses. A cushion for job loss, or inability to work, due to sickness or injury.

Establish Your Backup Plan:

  • Open a money market account. You earn dividends on the money in your account each month, and there is no monthly fee. Just put your money in and let it grow.

  • Save automatically. Set up automatic transfers from your direct deposit or from another Tyndall account. A Tyndall representative will be happy to assist you with that, or you can set up scheduled transfers yourself through Online Banking.

  • Budget. Review your budget and plan to save a specific amount each month. Having a real financial cushion is very important, but saving three to six months' worth of income is not an easy or quick feat. The important thing is to save steadily.

  • Limit your access. Leave the funds in the account. It takes time to build a true financial cushion, but the peace of mind you will have when you have reached your goal will be well worth it.

Stop in or contact our Call Center at 850-769-9999 (888-896-3255, toll-free) for more information about a Money Market Account.

Tyndall, the Official Credit Union of yes, nowI can relax a bit.

 

 

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