- Set a goal. Aim for a general amount. Consider working toward $500, which should cover the average cost of car repairs.1 Another good option is to strive to have the same amount as one paycheck saved.
- Start Contributing. Set up a designated emergency fund—your Navy Federal Basic Savings account is a great option—and make regular contributions. Add what you're able, even small amounts add up quickly.
- Keep saving. Work toward saving 3-6 months of living expenses. As your balance grows, switch to a Money Market Savings Account (MMSA) to increase your dividends. Calculate what it will take to get there.
Once you're able to consistently maintain a balance of $2,500 in your emergency fund, consider upgrading to an MMSA to earn higher dividends.
With an MMSA, you can still access your money anytime—through checks, ATMs and digital banking—all while building your reserves more quickly through higher dividends.
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