The COVID-19 pandemic offered us several lessons and insights. Among them: Americans typically do not save enough money to cover an emergency. According to a survey conducted by Pew Research, about 33% of people removed money from savings or a retirement fund during the pandemic.
COVID-19 dramatically influenced personal finances unlike any event in recent history, bringing with it an epidemic of layoffs, salary reductions and job transitions. Saving money became a casualty. A recent Bankrate poll revealed that 21% of Americans have no emergency savings. More than 50 million Americans increased their credit card debt during COVID-19. Today, as the nation recovers economically, we have advice for preparing yourself for the next unexpected emergency.
Save $1,000 and put the money away for a rainy day.
We know that saving money these days isn’t easy – and that putting things on credit is way too easy. But maintaining a strong emergency account is essential to your financial health. Because you’re not just prepping for a pandemic or a natural disaster. Putting away $1,000 helps reduce or prevent the debt from your next automobile breakdown, home repair or minor medical emergency.
There is no magic solution to saving money. Determination is your best asset. But we can offer tips for you to try:
- Save smaller each day. Try $5 per day rather than $35 per week.
- Delete unused subscriptions. From that “forgotten” gym membership to that abandoned streaming service, cancel everything you’re not using.
- Auto draft your savings account. Schedule a recurring deposit from your checking account into a savings account (and then forget it).
So, why $1,000, and how do you make real progress toward that dollar amount each month? To put it simply: make it a routine, not just a goal. Saving is really all about creating smart spending habits, and if you can cut back on smaller expenses and set up automated saving tools, you’ll be surprised at how quickly sticking to good practices can add up to $1,000, $2,000 and even more!
Want another reason to save?
With an OZK Savings account, you have the chance to win money simply by saving. The more you save, the more chances you earn to win $1,000.* Click here to learn more.
The $1,000 Prize Linked Savings promotion is not available to residents of Florida.
Disclosure:
*Eligibility for this Prize Linked Savings Promotion requires an OZK Savings Account. Open to legal United States (U.S.) residents, residing in the states of Arkansas (AR), Georgia (GA), Texas (TX) and North Carolina (NC) who are 18 years of age or older. Void outside AR, GA, TX, NC and where prohibited. Eligibility requires an OZK Savings Account in Arkansas (AR), Georgia (GA), Texas (TX) or North Carolina (NC). Starts 12:00 a.m. Eastern Time (“ET”) on 01/01/23 and ends 11:59 p.m. ET on 06/30/23. For complete rules, visit winatozk.com. Sponsored by Bank OZK, 18000 Cantrell Road, Little Rock, AR 72223. Each $25 eligible deposit made to an OZK Savings Account is equivalent to one entry. The number of entries is limited to 10 per customer per Monthly Prize Period, from all qualifying accounts held by the Account Holder. Prize awarded as a direct deposit to the winners OZK Savings account. Go to winatozk.com.
