Skyline 201:  Emergency Funds – What to Do and How to Do It

October 2025

Life happens—and when it does, having an emergency fund can make all the difference. Building a financial safety net gives you peace of mind and helps you handle unexpected expenses without derailing your budget. As a member of Skyline Financial Federal Credit Union, you have access to savings options designed to help you reach your goals faster. Here’s a simple guide to getting started.

1. Set a Clear Goal 🎯

Start by deciding how much you want to save. Most financial experts recommend setting aside three to six months of essential expenses, like rent or mortgage payments, groceries, utilities, and transportation.
If your income is steady, three months may be enough—but if it varies or your job is less stable, aim closer to six.

2. Choose the Right Account 💳

Keep your emergency fund in an account that’s easy to access, but separate from your everyday spending.

A Skyline Financial FCU Savings Account is a great place to start—it earns competitive dividends while keeping your money readily available.

You can also explore a Money Market Account for potentially higher returns if you maintain a larger balance.

3. Automate Your Savings ⚙️

Consistency is key!
Set up direct deposit or automatic transfers from your Skyline checking to your savings account on payday. Automation makes saving effortless—and you’ll be surprised how quickly your balance grows.

4. Start Small, Grow Steadily 🌱

Even small contributions make a difference. Begin with an amount that fits your budget—maybe $25, $50, or $100 per month—and increase it as your finances allow. If you pay off a loan or credit card, redirect that payment into your emergency fund instead.

5. Trim and Redirect ✂️

Review your spending habits to find opportunities to save. Cutting back on takeout or unused subscriptions can free up extra money to put toward your emergency fund.

6. Put Windfalls to Work 💰

Tax refunds, work bonuses, or financial gifts can give your savings a healthy boost. When extra money comes your way, consider depositing part—or all—of it into your Skyline savings account.

7. Monitor and Adjust 📊

Keep an eye on your progress through Skyline’s online banking or mobile app. Checking your balance regularly keeps you motivated, and reviewing your savings goal each year ensures it still fits your lifestyle.

8. Replenish After Use 🔁

It’s okay to use your emergency fund when you truly need it—unexpected car repairs, medical bills, or job loss all qualify. Once the emergency passes, make it a priority to rebuild your balance.

9. Maximize Your Returns 📈

As your fund grows, review your options to make sure your money is earning the best possible rate. Skyline’s team can help you explore savings and money market accounts that fit your goals.

10. Consider a Backup Plan 🧭

For added peace of mind, some members choose to open a personal line of credit as a secondary safety net. It shouldn’t replace your emergency fund, but it can provide flexibility for larger or unexpected expenses.

Conclusion 💡

Your emergency fund is more than just savings—it’s security. With a clear goal, steady habits, and the right Skyline Financial FCU account, you can be prepared for life’s surprises and stay on track toward long-term financial wellness.