A Practical Guide to Building Emergency Savings with Comhar Linn
Financial security is about more than just making ends meet; it’s about being prepared for the unexpected. Whether it’s a car repair, a broken boiler, or a sudden expense, having an emergency fund can make all the difference.
At Comhar Linn, we’re here to help teachers build financial security through our Deduction at Source (DAS) service and our Budget Account.
Every great plan starts small - just like a nest egg. A little put aside today can grow into something bigger tomorrow. Whether you're saving for something special or just making life a little easier, we're here to help you on the journey.
The Cost of Not Having Savings, and How to Avoid It!
Without savings, unexpected expenses can force you to rely on credit cards or high-interest loans, which can quickly add up in interest costs. A small emergency fund can prevent financial stress and help you manage surprises with ease. The good news? You don’t need to save a huge amount all at once; starting small can lead to big benefits.
The 50/30/20 Rule to Simple Budgeting
A simple way to manage your money is the 50/30/20 rule:
- 50% Needs: Rent, mortgage, bills, and groceries.
- 30% Wants: Dining out, hobbies, and entertainment.
- 20% Savings & Debt Repayment: Emergency fund, retirement savings, and paying off loans.
By automatically setting aside 20% for savings and debt repayment, you’ll build financial resilience over time.
5 Easy Steps to Save Without Feeling the Pinch
- Start Small & Be Consistent
Even setting aside €10-€20 per week can build up over time. If you started to save just €20 per fortnight this Spring you could easily have an extra €300+ saved by Christmas. - Use our free Deduction at Source service
Having savings deducted automatically from your fortnightly pay is a painless way of building your nest egg. This service is free to members and is flexible. Save as little or as much as you like; simply instruct us and we’ll liaise with the Department of Education on your behalf. Our Deduction @ Source facility is now digital; simply log in to your Comhar Linn account and complete the form online. - Set up a Budget Account with Comhar Linn
Let us manage your bills on your behalf & ensure that you never miss a payment; giving you peace of mind that your bills won’t bounce. - Reduce Unnecessary Spending
Track your spending to see where your money is going, you might be surprised at how the little things add up! Implementing small changes like making lunch at home, cancelling unused subscriptions, meal planning, resisting impulse buys and ditching your credit card can free up money for savings. Small changes can reap big results! - Set a Goal & Track Progress
Whether it’s €500 or €1,000, having a target keeps you motivated.
At Comhar Linn, we make saving easy and stress-free. If you'd like to learn more about any of the services mentioned, we're happy to help; just get in touch by phone on (01) 873 1101 or email us info@intocreditunion.ie
