Suze Orman, #1 New York Times bestselling author, magazine and online columnist, writer/editor, and one of the world’s top motivational speakers, has been reminding women for years about the importance of building your emergency fund.
To further support her mission to help people, Orman co-founded a new business, SecureSave, with co-founders Devin Miller and Bassam Saliba. This business aims to help individuals and businesses build their emergency funds so that they are prepared for any financial crisis that comes their way.
When it comes to saving for an emergency, it’s everything. Those with paycheck deductions are more likely to have emergency savings than others. This is because people are more likely to resist using money that they do not have immediate access to. Therefore, payroll deductions can be an effective way to help people build their emergency savings.
Benefits of having an emergency fund
Having an emergency fund can make all the difference in tough times. An emergency fund gives you peace of mind knowing you have the financial resources to fall back on if the unexpected happens. This peace of mind can reduce stress and give you the confidence to focus on more pressing matters. Plus, saving extra money can be incredibly useful for making big purchases or investing in long-term projects.
In recent years, employers are becoming more responsible for the financial health of their employees. With the cost of living rising and most workers living paycheck to paycheck, many employers are starting to offer financial security programs to help their employees stay on track. These programs may include budgeting workshops, debt counseling, and financial coaching. Some employers offer student loan repayment assistance or matching 401(k) contributions.
Why should businesses use this service?
Companies should consider giving employees an emergency savings incentive for a number of reasons. First, it can help improve employee morale and motivation. A sense of financial security can reduce stress and allow employees to focus on their work. Second, it helps reduce absenteeism and absenteeism. Employees who are worried about their money are more likely to stay home when they are sick or come to work when they should be on vacation, which reduces productivity. Third, it can show employees that the business cares about their financial security and is willing to invest in their future. Providing an emergency savings incentive is a win-win for both companies and employees.
How does this service work?
SecureSave allows users to deposit as little as $20 into their savings account each month. Users can track their progress towards achieving their financial goals with the app’s built-in tracking tools. In addition, users can access their funds at any time without any penalties or fees, allowing them to manage their finances more efficiently.
The bottom line is that having a secure emergency fund is important to protect yourself against life’s unexpected events and give you the freedom and flexibility you need to pursue more significant investments or goals without worrying about running out of money. Everyone should feel financially secure by setting up an emergency fund.