Recently, while playing a game of soccer, a teammate of mine, Walter broke his leg. Thankfully, he had insurance to cover some of the costs, but for the remainder, he needed to cover it out-of-pocket. Normally, an unexpected expense like this would be stressful, but Walter had squirreled away a savings, just in case. “It’s how you prepare for the random stuff that happens that makes the difference in how you’ll feel in that moment. I didn’t have to stress or think about how to cover it,” he said. Walter’s confidence in his ability to handle any financial situation is an emotion I’ve heard often from Simple customers. That confidence is something we want to give to even more people, and that’s why we’re excited to announce our latest feature, the Simple Emergency Fund. We created this feature to help you automatically save, so you’ll have money when you need it most.
Let’s face it, life can come at you fast, and unexpected expenses happen… your stove breaks, your dog needs to go to the vet, an anvil falls on your car (it must have happened to someone). Part of feeling confident with your money is knowing you can weather these storms when they show up, just like Walter did. However, saving up for that moment can be pretty hard. In fact, a recent report suggested that over half of Americans don’t even have $1,000 in savings. If you’re one of those Americans struggling to save, we think we can help solve this challenge.
Say hello to your new Emergency Fund
Our Goals feature has already helped thousands of customers maintain a budget and gain control of their personal finances. We were inspired to create this new feature after countless customer interviews highlighted people felt a peace of mind knowing that they had saved up for a rainy day. In fact, looking at our data we found that thousands of customers had already taken up the opportunity to create their own Emergency Fund. However, in talking with folks that didn’t yet have an Emergency Fund, we found that they felt frustrated and anxious. They knew they should save up, but wondered how much to save, how fast, and they didn’t like guessing. So they never got started.
After lots of feedback, we came up with a fund that is effortless to set up and easy to maintain. Emergency Fund is similar to our original Goals feature, with a couple of key differences. First, we created a personalized step-by-step guide to take the guesswork out of knowing how much to save so it’s just right for your needs. Second, it’s actually set up as a new and separate Protected Goals account, so it makes saving up for an emergency super simple (and it helps you only use the money when you really need it). Here’s a bit more how it works:
Personalize your Emergency Fund. Skip the guesswork. As you set up your Emergency Fund, you’ll see some handy suggestions for how much to save up, and you can tailor it to your needs so it’s just right for you.
Contribute automatically. We’ll set money aside every day, based on how much and how quickly you want to build up your Emergency Fund. It’s effortless saving. If you want to add money that’s sitting somewhere else, move it over with an External Account.
Keep it tucked away. You won’t accidentally spend from your Emergency Fund. Because the funds are set aside in a seperate in a Protected Goal account, it’s sort of like squirreling money away from yourself, out of sight, out of mind.
Use it when you need it. To use what you’ve saved up, just move the money from your Emergency Fund into your Safe-to-Spend in your main Simple account.
Create Your Own Emergency Fund
Setting up your own Emergency Fund goal is easy and takes under a minute. Once you’re set up, you’ll automatically save until your Goal is complete.
Just a note: right now, this feature only exists only in your individual account. We hope to bring this to Shared Accounts soon.
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