Some ways you can increase your savings

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Life is unpredictable. Whether it's sudden layoffs at work or a car that unexpectedly dies, you never know when you'll find yourself in a financial bind. Having savings to fall back on can mean the difference between a difficult situation and a catastrophe. That's why it is so important to have money saved that you can access in an emergency.

Experts suggest that you should have savings equal to anywhere from three to six months' worth of salary. It is also recommended that you should be depositing 10% of each paycheck into savings. Those recommendations may seem like a pretty tall order, but it's not as difficult as you might think. Here are a few tips to get you started.

Even if you only save a few dollars a week, do it. You would be surprised how quickly those dollars will add up. Don't throw money away. Over the course of a year, non-sufficient fund charges for overdrawing your checking account or paying a late fee on a bill you forgot to mail can easily add up. If you can't put aside any money for a few weeks, don't get discouraged. Just put some aside when you can.

Only take money out of savings if you absolutely have to, and treat it like a loan. Set a deadline for when you will pay yourself back. Set up an automatic payroll deduction so the money is moved into a savings before you ever touch it. By that same token, if you get a raise, rather than just spending it, increase the amount you're putting into your savings. If you never see the money, you'll be less likely to miss it.

LGFCU is an equal housing opportunity lender and federally insured by NCUA.

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